Asian stock markets settled lower on Monday as Australia gained after it appeared to dodge a possible downgrade for now of its treasured top sovereign rating and Japan fell despite better-than-expected trade data.

Japan's benchmark index, Nikkei 225 lost 9.55 points or 0.05 percent to settle at 19,391.60. China's benchmark index, Shanghai Composite fell 4.90 points or 0.16 percent to close at 3,118.08. Hong Kong's Hang Seng lost 188.07 points or 0.85 percent to end at 21,832.68.

Singapore's Straits Times lost 24.78 points or 0.84 percent to end at 2,913.08. South Korea's KOSPI declined 3.85 points or 0.19 percent to end at 2,038.39. Taiwan's TAIEX lost 87.46 points or 0.94 percent to end at 9,239.32.