Asian markets fell Monday after last week's volatility, but the euro held on to gains thanks to healthy economic data and hopes that German Chancellor Angela Merkel is close to forming a government.

Investors ignored another strong lead from Wall Street, where the S&P 500 and Nasdaq chalked up fresh records on expectations of strong sales on Black Friday and Cyber Monday -- the two major post-Thanksgiving shopping days.

With little to drive buying on Monday, Asian profit-takers moved in, with eyes on the release of key data in major economies this week -- from China to the United States.

Shanghai slipped almost one percent, with dealers still on edge after Thursday's sharp losses fuelled by concern about a crackdown on speculative trading.