Stock markets got off to a cautious start in Asia on Monday as investors braced for a possible shutdown of the US government, which would in turn delay publication of the September payrolls report and a raft of other key data.

In Hong Kong, the benchmark Hang Seng Index climbed 193 points, or 0.74 percent, to open the week at 26,321.

Mainland stocks opened mixed, with the benchmark Shanghai Composite Index flat at 3,828 and the Shenzhen Component Index 0.3 percent higher at 13,248.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was up 0.43 percent at 3,165.

Japan's Nikkei slipped 0.7 percent, having risen 6 percent for September so far, while South Korea bounced 1.2 percent, bringing its gains for the month to 6.3 percent.

US President Donald Trump will meet with the top Democratic and Republican leaders in Congress later on Monday to discuss extending government funding. Without a deal a shutdown would begin from Wednesday, which is also when new US tariffs on heavy trucks, pharmaceuticals and other items go into effect.

A protracted closure could leave the Federal Reserve flying blind on the economy when it meets on October 29.

"If the shutdown lasts beyond the Fed meeting, the Fed will rely on private data for its policy decisions," analysts at BofA wrote in a note. "On the margin, we think this may lower the likelihood of an October cut, but only marginally."

Markets imply a 90 percent chance of a Fed cut in October, with around a 65 percent probability of another in December.

The BofA analysts estimated a shutdown would subtract only a slight 0.1 percentage point from economic growth for every week it lasted, while noting the impact on financial markets had been minimal in the past.

They cautioned that should the government use the closure to lay off workers permanently, then it could have a more meaningful impact on payrolls and consumer confidence.

There is also much uncertainty about what might happen at a meeting of US generals and admirals in Quantico, Virginia, on Tuesday, called by Defense Secretary Pete Hegseth which Trump will reportedly attend.

Otherwise, analysts expected equities to be supported by buying for the new quarter which historically tends to be a positive one for stocks. The S&P 500 has gained 74 of the time in the fourth quarters. (Reuters/Xinhua)