HONG KONG — Most Asian stock markets retreated today as worries about Citigroup weighed on financial shares, but pared some losses after the U.S. government unveiled a plan to rescue the troubled banking giant.

Investors largely shrugged off Friday's rally on Wall Street, where major benchmarks surged more than 6 percent as U.S. President-elect Barack Obama appeared ready to tap New York Federal Reserve chief Timothy Geithner as the next treasury secretary.

Overshadowing the news were concerns about the fate of New York-based Citigroup, whose shares plunged last week. Under the plan unveiled late Sunday in the U.S., Washington would take a $20 billion stake in the bank and guarantee hundreds of billions of dollars in risky assets — moves aimed at shoring up a huge financial institution whose collapse would destabilize further the global financial system and U.S. economy.

Investors also were awaiting a slew of data about housing, domestic production and consumer confidence in the U.S. that will shed more light on the health of the world's largest economy, Tang said.

In Hong Kong, the blue-chip Hang Seng Index lost 150.68 points, or 1.2 percent, to 12,508.52, by the afternoon break.

Australia's S&P/ASX 200 recovered from early losses to gain 0.3 percent. South Korea's Kospi pared losses after the Citigroup news broke, but then resumed its slide to close 3.4 percent lower at 970.14.

Trading in Japan was closed for a national holiday.

In mainland China, stocks were down mostly in dismay authorities did not announce an interest rate cut over the weekend as some investors had speculated. The Shanghai Composite index fell 1.6 percent to 1,937.7 in morning trading.

Financials around the region fell on jitters over Citigroup.

Top European bank HSBC was off nearly 2 percent in Hong Kong, and Commonwealth Bank of Australia sank 2.9 percent. KB Financial Group, the holding company for top South Korean lender Kookmin Bank, slipped 4.2 percent.

BAGHDAD — Iraqi officials said two attacks killed 18 people and wounded 18 others in Baghdad.Security officials say a female suicide bomber blew herself up near the Green Zone, killing five people and wounding 11 others.The heavily fortified Green Zone is home to the U.S. Embassy and Iraqi government offices.Police say 13 people were killed and seven wounded in a second bombing on a Trade Ministry minibus in Baghdad.The officials said the bombings took place during this morning's rush hour.The officials spoke on condition of anonymity because they were not authorized to release the information.