Asia stocks set for mixed open after eking out gains last week – CNBC
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Major exporters in Japan were mixed, with shares of Toyota up 1.32 percent, Honda up 0.76 percent and Sony down 4.06 percent. Usually a weaker yen is a positive for exporters as it increases their overseas profits when converted to local currency.
Shares of Mitsubishi Motors were down 2.58 percent on Monday, after tumbling last week amid news that it hadfalsified fuel economy test data to make emissions levels look more favorable. In the year-to-date, Mitsubishi shares are down 50.39 percent.
Reuters reported the troubled Japanese car maker is unlikely to issue an earnings forecast for the current financial year when it announces results this week. Citing a person close to the company, Reuters said this was due to uncertainty about the financial impact of its misleading fuel economy data.
Asian energy plays were mixed, with shares of Inpex down 0.11 percent and Japan Petroleum up 0.26 percent.
Investors will be watching news out of Saudi Arabia, the de-facto leader of OPEC, as the country’s 30-year-old deputy crown prince is expected to lay out his “vision” to diversify the Saudi economy, making it less dependent on oil and better able to employ its citizens.
Major indexes in the U.S. closed mixed Friday, with tech stocks leading declines after earnings in the sector disappointed. The Dow Jones industrial average closed up 0.12 percent, the S&P 500 was flat and the Nasdaq composite was down 0.8 percent.
Asia stocks set for mixed open after eking out gains last week – CNBC}