Stock markets in the Asia-Pacific region fell in trading Monday, as investors waited to find out whether U.S. President Barack Obama and congressional leaders would reach agreement on raising the federal debt limit.

In Tokyo, the Nikkei average closed down eight-tenths of a percent after a three-day run of gains last week. Hong Kong's Hang Seng index fell seven-tenths of a percent, while most other Asian markets trended lower. The losses were generally lower than many economic analysts had said could be expected.

U.S. stock futures were lower ahead of Monday's opening on Wall Street. Gold rallied to another record high and the price of oil was about a dollar lower. Markets in Europe opened lower.

Analysts say markets around the globe will be paying close attention to the U.S. debt negotiations, and the prospect that the world's largest economy may lose its top credit rating.