Tech stocks drag Hong Kong's Hang Seng lower; Asia markets mixed

South Korea's Kospi was slightly higher at 2,493.1 and the Kosdaq shed 0.09% to 830.86.

Chipmaker SK Hynix slipped 2.23% on Monday after the Korea Herald reported that a South Korean city, Yeoju, wants more compensation in exchange for letting the company build pipes to transport huge amounts of water to its plant in a different city.

Mainland China markets were positive. The Shanghai Composite gained 0.31% to 3,236.93 and the Shenzhen Component rose 0.27% to 12,302.15.

Over the weekend, China reported trade data for July that showed dollar-denominated exports grew 18% compared to a year ago.

That's the fastest pace of growth this year and beat analysts' expectations for a 15% increase, Reuters reported.

China's dollar-denominated imports increased 2.3% in July compared to the same period in 2021, lower than the expected 3.7% gain.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.39%.

On Friday in the U.S., nonfarm payrolls came in at 528,000, far above expectations. Treasury yields rose strongly as traders adjusted their forecasts for Fed rates higher.

"Binary risks between policy-induced recession and run-away inflation continues to grow; imposing much higher dangers of policy miscalculations," Vishnu Varathan, head of economics and strategy at Mizuho Bank, wrote in a Monday note.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 106.611 after a sharp jump following the payrolls data release.

The Japanese yen traded at 135.31 per dollar after the greenback strengthened. The Australian dollar was at $0.6951.

U.S. crude futures added 1.07% to $89.96 per barrel, while Brent crude gained 1.15% to $96.01 per barrel.

— CNBC's Arjun Kharpal contributed to this report.