By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Monday morning, but China Evergrande Group’s (HK:) debt woes continued to be a focal point as the week opens.

Japan’s edged up 0.18% by 9:58 PM ET (1:58 AM GMT), with the ruling coalition voting for a new leader, likely to be the next prime minister, on Wednesday.

South Korea’s gained 0.65% and in Australia, the rose 0.89%.

Hong Kong’s jumped 1.13%.

China’s was up 0.23% while the edged down 0.20%. The country’s Ministry of Housing and Urban-Rural Development of China Evergrande’s bank accounts to ensure funds are used to complete housing projects and not diverted to pay creditors.

Meanwhile, the developer’s electric-car unit, China Evergrande New Energy Vehicle Group, will not proceed with a proposed issue of CNY-denominated shares.

“Global fears around contagion from Evergrande have receded a bit but it’s too early to sound the all-clear. Shares remain vulnerable to short-term volatility,” AMP (OTC:) Capital head of investment strategy and chief economist Shane Oliver said in a note.

China will also release its , and purchasing managers indexes (PMIs) on Thursday.

In Germany, the results of Sunday’s election remain uncertain, but Olaf Scholz of the Social Democrats inched ahead of Chancellor Angela Merkel’s Christian Democratic Union of Germany.

On Tuesday, Christine Lagarde, President of the European Central Bank (EBC), will give a speech. She will also be joined by Andrew Bailey, Bank of England Governor, Haruhiko Kuroda, Bank of Japan Governor, and Jerome Powell, Chairman of U.S. Federal Reserve, at an ECB forum panel a few days later.

U.S. Treasury secretary Janet Yellen will join Powell to give evidence at a Senate Banking Committee hearing Tuesday. On Thursday, the House Financial Services Committee hearing follows.

The ten-year Treasury yields rose above 1.4% after breaking the highest level of the range that it had held since mid July 2020, following the Fed’s and BOE’s more hawkish policy decisions.