A roundup of trading on major world markets:

NEW YORK – US stocks fell Monday as wary markets kept an eye on political changes in Greece and Italy aimed at tackling the eurozone debt crisis.

The Dow Jones Industrial Average shed 74.39 points (0.61 per cent) to 12,079.29 in closing trade.

The broad-based S&P 500 dropped 11.90 points (0.94 per cent) to 1,251.95, while the tech-heavy Nasdaq Composite slid 21.59 points (0.81 per cent) to 2,657.16.

Investors digested news that Italy continued to pay high rates to borrow a day after economist Mario Monti was name to succeed Silvio Berlusconi as Italy’s prime minister.

Greece’s new prime minister, Lucas Papademos, faced the task of implementing security measures needed to secure the next installment of an international bailout loan.

“The uneasiness across the pond comes on a changing political landscape in the eurozone, a mixed debt auction in Italy, and a lacklustre read on euro-area industrial production,” Charles Schwab analysts said.

LONDON – European and US stock markets were lower, with cautious investors tracking Italian and Greek political developments as the eurozone debt crisis rumbled into Spain, whose borrowing costs rose sharply.

A day after economist Mario Monti was picked to replace Silvio Berlusconi as Italy’s prime minister, the country ended up paying higher rates in a bond sale compared to before the start of its political crisis.

At the same time, Spanish borrowing costs soared to well above six per cent, a sign of stress as the markets demand more in return for their money, sparking concerns that Madrid could be next in the eurozone debt firing line.

Spain could be more vulnerable because of upcoming elections but at the same time, the polls point to a victory for the right, ousting the socialist government.

In London, the FTSE-100 index of top companies closed down 0.47 per cent at 5,519.04 points.

In Paris, the CAC 40 lost 1.28 per cent to 3,108.95 points and in Frankfurt the DAX 30 dropped 1.19 per cent to 5,985.02 points.

Milan was down 1.99 per cent and Madrid shed 2.15 per cent.

The euro, meanwhile, fell sharply to $US1.3624 from $US1.3739 in New York late on Friday, while the dollar slipped to 77.01 yen from 77.12 yen.

Gold firmed to $US1,776 an ounce from $US1,773.

In both Italy and Greece, new governments were trying to make headway on Monday in tackling their debt crises, even as attention turned to Spain, seen as the next mostly likely eurozone country to be tested by the markets.

Monti was nominated on Sunday to replace Silvio Berlusconi as prime minister and he pledged to get to work on tackling a crippling debt crisis in the country, the eurozone’s third-biggest economy.

Italy’s Treasury on Monday raised the three billion euros it had expected to bring in with the five-year bond auction but it had to pay rates of 6.29 per cent, up sharply from 5.32 per cent at the last sale in October.

HONG KONG – Asian markets rose as Italy’s new leader vowed to pull the debt-laden country back from the brink of a fiscal disaster that has threatened to tear apart the eurozone.

Former European Union commissioner Mario Monti was nominated Sunday to replace Silvio Berlusconi as prime minister and pledged to get to work on tackling a crippling debt crisis in the eurozone’s third-largest economy.

Tokyo ended 1.05 per cent higher, adding 89.23 points, to 8,603.70, while Sydney gained 0.19 per cent, or 8.1 points, to 4,304.6 and Seoul climbed 2.11 per cent, or 39.36 points, to 1,902.81.

Hong Kong finished 1.94 per cent higher while Shanghai gained 1.92 per cent by the close.

Asian markets also reacted to Japanese government data showing the country’s economy grew by 6.0 per cent in the July-September quarter, the first gain since March’s earthquake and tsunami disaster.

In Tokyo, Olympus — which is embroiled in a loss-covering scandal — surged more than 17 per cent as concerns eased that it would be delisted after the firm said it would file its earnings results by a December 14 deadline.

The stock exchange has warned it will be taken off the index if it does not file by the date.

Singapore closed up 1.40 per cent, or 39.20 points, at 2,830.14.

WELLINGTON – Wellington fell 0.37 per cent, or 12.15 points, to 3,309.86.