Asian stocks had a mixed opening on Monday as investors weighed last week's megacap earnings in the United States showing significant spending on artificial intelligence.

In Hong Kong, the benchmark Hang Seng Index gained 92 points, or 0.36 percent, to open at 25,999.

Up north, the benchmark Shanghai Composite Index was down 0.02 percent at 3,954 while the Shenzhen Component Index was 0.1 percent lower at 13,364.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was down 0.26 percent at 3,179.

Investors are still focused on developments from last week, including central bank meetings and the China-US agreement on a year-long trade truce that was within broad expectations.

But doubts remain if the truce will last for the full duration.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2 percent higher at 726, hovering near the four-and-a-half-year high it touched last week.

The index is up more than 27 percent this year, on course for its best year since 2017.

Japan markets are closed for a holiday with no cash Treasuries trading, resulting in muted activity during Asian hours.

The Korea Composite Stock Price Index opened at 4,123, up 15 points, or 0.39 percent.

The mixed openings came after a clutch of Federal Reserve bank presidents on Friday aired their discomfort with the US central bank's decision to cut interest rates, even as influential Fed governor Christopher Waller made the case for more policy easing to shore up a weakening labour market.

Following the October monetary policy meeting last week, Fed chair Jerome Powell said an interest rate cut at the next meeting in December was "not a foregone conclusion".

Investors had expected that move to be almost a done deal.

"We continue to think that the motivation for the rate cuts is consistent with our premise for further dollar downside: the US economy will not outperform to the same degree as it did before," said Goldman Sachs strategists in a note.

"That will lead to a weaker dollar over time given its strong starting point."

Traders are now pricing a 68 percent chance of a rate cut in December, down from a near certainty last week before the Fed meeting, where the central bank lowered rates by 25 basis points as expected. (Reuters/Xinhua)