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Hong Kong - Asian stocks were mixed in morning trade on Monday after Wall Street set a positive lead with record highs, but fears mounted that the Ukraine crisis could tip over into civil war.
Markets were shaken after pro-Russian rebels late on Sunday claimed voters in eastern Ukraine massively backed independence in a disputed poll that Kiev and the West dismissed as an illegal "farce".
Tokyo reversed early gains to ease 0.15% by the break as investors waited for the release of key Japanese and US data due later in the week, including US retail sales and housing starts.
Hong Kong rose 1.72%, Shanghai jumped 1.88% and Seoul was 0.36% higher, while Sydney eased 0.31%.
US stocks touched a fresh closing high on Friday, with investors shrugging off mixed earnings reports.
The Dow Jones Industrial Average advanced 32.37 points (0.20%) to 16 583.34, 2.5 points above the previous high on April 30.
The broad-based S&P 500 added 2.85 (0.15%) at 1 878.48, while the tech-rich Nasdaq Composite Index outperformed, gaining 20.37 (0.50%) at 4 071.88.
Market sentiment took a hit after rebels in the Donetsk province of Ukraine said Sunday a total of 89 percent of voters there cast ballots in favour of self-rule.
Lugansk, the other province holding a similar referendum, was expected to produce similar results.
The two regions are home to 7 million people, out of Ukraine's total population of 46 million.
The West fears these disputed votes could hasten the break-up of the former Soviet Republic and lead to a civil war on Europe's eastern edge.
Oil prices rose on fears that a war in Ukraine could disrupt supply and send energy prices rocketing.
New York's main contract, West Texas Intermediate (WTI) was up 9 cents to $100.08 for June delivery in mid-morning Asian trading, while Brent North Sea crude for June gained 32C to $108.21 per barrel.
The dollar was almost flat in Asian trade Monday, holding on to last week's gains against the euro after Mario Draghi said the European Central Bank was ready to ease monetary policy soon.
The greenback fetched ¥101.96 in late morning trade in Tokyo, up slightly from ¥101.83 in New York Friday.
The euro was quoted at $1.3756 and ¥140.2, against $1.3758 and ¥140.1.
Gold fetched $1 289.10 an ounce at 03:40 GMT compared with $1 289.14 late on Friday.
