STOCKS NEWS ASIA-Shares weak, but falls may be limited

(For the latest on global markets, click [MKTS/GLOB])

TOKYO, Nov 30 (Reuters) - Asian stocks were set to lose
ground on Monday after fresh worries about the global financial
system set off by a possible Dubai debt default sent U.S.
stocks down more than 1 percent.

But signals were mixed on how long the flight to less risky
assets might last, with U.S. shares easing back up off their
lows by the end of a truncated trading day on Friday as some
market players said the Dubai news had coincided with the
desire of investors to take profits as the year end approaches.

Asian stocks listed on Wall Street fell 2.6
percent, while MSCI's measure of Asia Pacific stocks excluding
Japan .MSCIAPJ lost 3.5 percent.

The Dow Jones industrial average .DJI fell 1.5 percent.
The S&P 500 .SPX lost 1.7 percent, as did the Nasdaq .IXIC.

Financial markets around the world shuddered last week
after Dubai said it would ask creditors of state-owned Dubai
World and Nakheel, the builder of its palm-shaped islands, for
a standstill agreement as a first step toward restructuring
billions of dollars of debt. [ID:nGEE5A02FN].

The dollar rose against the euro and a basket of currencies
on Friday while the yen retreated from a 14-year high against
the greenback. In early trade, the dollar had edged up 0.1
percent to 86.64 yen. JPY=

Nikkei futures traded in Chicago 2NKc1 closed at 9,220,
up 1.7 percent from the Osaka close JNIc1.

Markets in the Philippines will be closed for a holiday.

HEADLINES: > UAE moves to counter Dubai fallout, markets
wary [nGEE5AS0AH] > Iran to build 10 uranium plants, defying
U.N.
[nHAF931993] > Despite momentum, no smooth path to climate
deal [nN29363680] > Hondurans vote for new president after
June coup [nN29409775] > U.S. faces bid deadline on more
ethanol in fuel [nN27435304] > Commods plunge on Dubai crisis
but end off lows [nGEE5AQ135] > Appetite for commodities
rises among Swiss banks [nGEE5AQ1HG]

--

KEY INDEXES pct change

Bank of New York Asia ADR index -2.58

Dow Jones Industrial Average .DJI -1.48

Nasdaq Composite Index .IXIC -1.73

MSCI Asia Pacific ex-Japan .MSCIAPJ -3.50

Nikkei futures in Chicago 2NKc1 9,220

Nikkei futures in Osaka JNIc1 9,070

--

TOP ASIA EVENTS:

For more Asian company earnings, see [ASIA/EQTY]

JAPAN - October industrial output

- BOJ governor news conference

S.KOREA - Industrial output

HONG KONG - Monetary statistics for October
(Reporting by Elaine Lies)
((elaine.lies@thomsonreuters.com; +81 3 6441 1807; Reuters
Messaging:elaine.lies.reuters.com@reuters.net))
((If you have a query or comment on this story send an email
to news.feedback.asia@thomsonreuters.com))

For top Asian company news, double click on:
[nTOPEQA]
U.S. company news [TOP/EQU] European company news
[TOP/EQE]
U.S. weekly outlook [.N/O] European weekly outlook
[.EU/O]
Forex news [TOP/FRX] Global Economy news
[TOP/MACRO]
Tech/Telecoms/Media [TOP/TMT] Banking news
[TOP/FIN]
Political/General news [TOP/G] Asia Macro data ECONASIA

ASIA STOCK MARKETS:
Pan-Asia........[STXNEWS/AS] Japan.......[.T]
S.Korea...[.KS]
S.E. Asia.......[.SO] Hong Kong...[.HK]
Taiwan....[.TW]
Australia/NZ....[.AX] India.......[.BO] China.....[.SS]

DIARIES & DATA:
IPO diary/data <ASIA/IPOMENU> Asia earnings diary
[ASIA/EQTY]
U.S. earnings diary [RESF/US] European diary
[WEU/EQUITY]
Hong Kong diary [HK/DIARY] Wall Street Week Ahead
[.N/O]
Eurostocks Week Ahead [.EU/O]

LIVE PRICES & DATA:
World Stocks <0#.INDEX> Asian Stocks
<0#.INDEXA>
Dow Jones/NASDAQ .DJI/.IXIC Nikkei
.N225
FTSE 100 .FTSE Debt <0#USBMK=>
EURIBOR
Currency rates AFX= EFX= NFX=