Asian stocks mixed on banking concerns

Asia-Pacific markets were mixed on Monday as investors continued to assess the impact of banking problems in the U.S. and Europe. On Friday, Deutsche Bank saw a sell-off in its U.S.-listed shares after credit default swaps rose without any clear catalyst. In Australia, the S&P/ASX 200 rose 0.23 percent, while Japan’s Nikkei 225 also added 0.31 percent and the Topix added 0.39 percent. But Hong Kong markets led the region in losses, with the Hang Seng index down 1.6 percent and the Hang Seng Tech index down 1.69 percent. South Korea’s Kospi and Kosdaq fell 0.38 percent and 0.43 percent, respectively. In mainland China, the Shanghai Composite Index fell 0.12 percent, but the Shenzhen Component Index rose marginally. International Monetary Fund managing director Kristalina Georgieva said China was showing signs of a strong economic recovery. Speaking at the 2023 China Development Forum, Georgieva said the Chinese economy was seeing a strong recovery, with the IMF putting China's GDP growth at 5.2 percent in January - a big increase of more than 2 percent over the 2022 rate.