CANBERA (dpa-AFX) - Asian shares fell on Monday as investors took some profits off the table ahead of the European Union summit meeting later in the day, where EU leaders and finance ministers will discuss the steps to be taken by the EU in order to overcome the current debt crisis. Focus remained on Greece after the nation's finance minister, Evangelos Venizelos, rejected a German proposal for the E.U. to take control over Greece's tax and spending decisions. Commodities lost ground and the euro snapped a five-day advance against the dollar, weighed down by delays in negotiations between Greece and its private creditors on a debt swap deal. Tokyo stocks fell for a third day, hit by a strong yen and earnings downgrades. Investors were also concerned about the outlook for global economic growth after data released over the weekend showed U.S. GDP grew at a slower-than-forecast 2.8 percent in the fourth quarter. Both the Nikkei average and the broader Topix index shed around half a percent each. Mitsubishi Electric plunged 14.8 percent after Japan barred the company from competitive bidding for government orders. Tohoku Electric Power fell 10 percent after the company said its group net loss will widen more than sevenfold to 250 billion yen in the fiscal year ending March. Canon lost a percent and Sony fell 1.8 percent as the yen rose for a third day versus the 17-nation euro ahead of a long-dated Italian bond auction later in the global day. Advantest soared 12 percent after the maker of memory-chip testers increased its full-year dividend to 15 yen per share, up from the year-earlier payout of 10 yen. China's Shanghai Composite index lost 1.5 percent and Hong Kong's Hang Seng index ended 1.7 percent lower as Beijing failed to meet expectations for a cut in banks' reserve requirements over the week-long Lunar New Year holidays. Australian shares drifted lower after debt-stricken Greece rejected outright German proposals for the EU to take control over its fiscal decisions. The benchmark S&P/ASX 200 closed 0.4 percent lower while the broader All Ordinaries index slipped 0.3 percent. The big four banks fell between 0.1 percent and 0.9 percent, while miners ended on a mixed note. Rio Tinto lost 1.1 percent and Fortescue shed 0.6 percent, but BHP Billiton rose marginally. Among retailers, Woolworths declined 1.3 percent and Wesfarmer shed half a percent, while David Jones and Myer Holdings rose 3-4 percent. Transurban fell 1.3 percent on the news that its chief executive Chris Lynch will step down in July after more than four years at the helm of the road-toll group. Oil & gas producer Woodside Petroleum ended 0.4 percent lower and rival Oil Search dropped 1.2 percent, but Santos edged up 0.4 percent. South Korea's Kospi average ended 1.2 percent lower, as weaker-than-expected fourth quarter GDP data from the United States and uncertainty over Greek debt talks prompted foreign funds to turn net sellers after a 12-session buying streak. Automobile shares bore the brunt of the selling, with Hyundai Motor falling 2.3 percent after posting slightly lower than expected fourth-quarter earnings last week, while parts-maker Hyundai Mobis tumbled 7.6 percent. LG Electronics rose 1.2 percent ahead of its earnings results later this week and LG Display added 2.6 percent. New Zealand shares rose for a fourth consecutive session, with high-yielding stocks pacing the gainers in thin trading because of the Auckland Anniversary Day. The benchmark NZX-50 index rose 0.4 percent. Carpet maker Cavalier advanced 3 percent, exporter Fisher & Paykel Healthcare gained 2.4 percent and construction firm Fletcher Building added 1.4 percent. Meanwhile, Rakon, the crystal timing device manufacturer, led the decliners on the exchange, falling 4.5 percent after stock exchange operator NZX asked the company to explain the reason over a 40 percent spike in its share price in under a month. Outdoor clothing and equipment retailer Kathmandu lost 3.1 percent and PGG Wrightson, the rural services firm, ended down 2.7 percent. India's benchmark Sensex was last trading down 1.9 percent on profit taking after rallying more than 11 percent this month. Indonesia's Jakarta Composite was losing 1.8 percent and Singapore's Straits Times was down a percent, while the Taiwan Weighted gained 2.4 percent. On Wall Street, stocks turned in a lackluster performance before closing on a mixed note Friday, as investors digested a report showing somewhat weaker than expected U.S. economic growth in the final three months of last year. A gauge of consumer confidence exceeded analysts' estimates, helping offset some of the negative sentiment generated by the GDP report. The tech-heavy Nasdaq rose 0.4 percent, while the Dow lost 0.6 percent and the S&P 500 shed 0.2 percent.
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