MSCI's emerging equity index was flat despite a 0.5 percent gain in Shanghai, the biggest index component, after data provided evidence of economic recovery.
Investors are concerned that a euro zone finance ministers' meeting later on Monday will not release the next tranche of aid to Greece.
Data from Japan showing a recession in the world's third largest economy added to the gloom.
The Turkish lira fell 0.5 percent, adding to recent losses after governor Erdem Basci said a "measured" rate cut may be forthcoming if the lira remains strong.
The lira has gained over 5 percent this year to the dollar.
The yield on Turkey's two-year benchmark bond fell to a record low of 6.36 percent after the comments.
"They're comfortable (with lira) at these levels, but any appreciation from these levels I don't think they would tolerate," said Commerbank strategist Thu Lang Nguyen.
She said receding inflationary pressures made it likely the central bank would backpedal on recent lira-supportive measures.
In Central Europe, Polish stocks rose 0.5 percent, led by gas monopoly PGNiG which posted forecast-beating third-quarter profits.
The zloty eased 0.14 percent as Jan Winiecki, seen as the staunchest hawk in the central bank monetary policy council, said he was inclined to back a 25 basis points rate cut after a quarter point reduction last week.
The Czech crown stabilised after three weeks of losses, rising 0.2 percent against the euro, helped also by better-than-expected current account data.
The Israeli shekel fell over half a percent versus the dollar to the lowest in over two months, after Israel fired a missile into Syria on Sunday. Credit default swaps rose 4 basis points to five-week highs, Markit said.