Asian stocks were mixed Monday as commodity prices fell and Japanese homebuilder
filed for bankruptcy protection.
Morimoto, with $1.7 billion of debt, filed for bankruptcy nine months after its initial public offering, according to reports. The bankruptcy was Japan's second- biggest this year,
reports. Shares of
declined after an executive said the carmaker will have a tough time meeting its lowered annual profit forecasts because of weaker sales.
Japan's Nikkei 225 stock average fell 1.5% to 8382.73. The Hang Seng index in Hong Kong rose 2.1%, while the S&P/ASX 200 index in Australia dropped 1.3%
Oil prices fell to near $53 a barrel Monday in Asia after OPEC declined to cut production at an informal meeting in Cairo on Saturday.
Light, sweet crude for January delivery fell $1.07 to $53.36 a barrel in electronic trading on the
New York Mercantile Exchange
by midday in Singapore. The contract settled down a penny at $54.43 on Friday.
Premarket futures in the U.S. were indicating a lower opening for stocks on Wall Street Monday.
On Friday, blue-chip stocks on Wall Street ended the choppy, abbreviated trading session with gains. The
Dow Jones Industrial Average
gained 102.43 points, or 1.2%, to 8829.04, and the
added 8.56 points, or 1%, to 896.24. The
edged up 3.47 points, or 0.2%, to 1,535.57.