This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets were mixed Monday as traders assessed China's loan prime rate announcement, with focus also on Japan's general election at the end of this week.

China's central bank cut the one- and five-year LPRs by 25 basis points to 3.1% and 3.6%, respectively.

This has been indicated by the People's Bank of China Governor Pan Gongsheng on Friday, although the

ING in a note last week also said that the PBOC was likely to release its rate decision for the medium term lending facility on Friday, although it is expected to be left unchanged at 2% after being reduced by 30 basis points last month.

"Data aside, it is worth monitoring if there are potential further government ministry briefings or a potential announcement of the timing for the National People's Congress meeting in the week ahead, as stimulus rollout remains a major theme for markets," ING said.

Other key economic data this week will include October inflation figures for Japan's capital city of Tokyo, as well as advance third-quarter GDP figures from South Korea.

Japan's benchmark Nikkei 225 was trading close to the flatline, while the broad based Topix was 0.17% lower.

South Korea's Kospi climbed 0.22% and the small-cap Kosdaq was marginally down.

Australia's S&P/ASX 200 started the day up 0.64%.

Hong Kong's Hang Seng index was up 0.14%, while mainland China's CSI 300 rose 0.19%.

In the U.S., both the S&P 500 and the Dow Jones Industrial Average surged to record highs Friday, sealing six straight weeks of gains.

The broad market benchmark advanced 0.40% to close at 5,864.67, while the blue-chip Dow gained 36.86 points, or 0.09%, to end at 43,275.91.

The Nasdaq Composite, led by a postearnings jump in Netflix, ended the day up 0.63% at 18,489.55.

— CNBC's Lisa Kailai Han and Alex Harring contributed to this report.

China cuts loan prime rates by 25 basis points

China's central bank has cut the one- and five-year loan prime rates to 3.1% and 3.6% respectively, a 25 basis point cut for both metrics.

The one-year LPR affects corporate and most household loans in China, while the five-year LPR acts as a benchmark for mortgage rates.

The reduction was larger than estimated by ING analysts, who had forecast a 20 basis point cut

— Lim Hui Jie

Stocks climb to a record close Friday afternoon

The S&P 500 and Dow Jones Industrial Average rallied to new records to close Friday's session.

The broader market benchmark rose 0.40% to settle at 5864.67, while the 30-stock index added 36.86 points, or 0.09%, and closed at 43,275.91. The Nasdaq Composite gained 0.63% and finished at 18,489.55.

— Lisa Kailai Han

Recent economic growth has been because of deficit spending, says John Paulson

The strength in the U.S. economy is not surprising, according to hedge fund billionaire John Paulson.

"Well, it is positive," the Paulson & Co. founder told CNBC's "Money Movers" on Friday. "The tech sector is doing well, but a lot of the growth is due to the deficit spending."

Paulson, who is a supporter of former President Donald Trump and has been a major donor to his 2024 presidential campaign, pointed to the 14% increase in federal spending compared to last year's period. The national deficit currently sits at nearly $2 trillion.

"The increase in government spending is basically accounting for all the GDP growth that we have this year," he continued. "It's an easy way to get growth in the short term, but it has long-term consequences."

— Sean Conlon

Gold rises to new record high

Gold futures rose to a fresh intraday all-time high of $2,732.30 on Friday. Week to date, gold futures are up 1.8%, on pace for the fifth positive week in six.

The VanEck Gold Miners ETF (GDX) hit its highest level since September 2020 and was headed for its seventh straight daily gain.

For the week, the Gold Miners exchange-traded fund is up more than 5%, putting it on track for its best week since Sept. 13 when it jumped 10.36%.

— Hakyung Kim, Gina Francolla