By Chikako Mogi
TOKYO (Reuters) - Asian shares steadied on Thursday, but sentiment remained vulnerable with weak corporate earnings continuing to undermine investor confidence.
The MSCI index of Asia-Pacific shares outside Japan was about flat, having fallen the past four days. Australian shares were barely changed while South Korean shares <.KS11> opened down 0.4 percent.
Japan's Nikkei average opened little changed.
"Global sentiment is not conducive to risk-taking. In fact we are seeing more defensive plays," said Lee Kyung-soo, an analyst at Shinyoung Securities, adding that the Korean stock market will likely hold steady ahead of third quarter results from Hyundai Motor Co <005380.KS>.
With investors rapidly lowering third-quarter expectations and bracing for more disappointing news, Lee said it was unlikely that Hyundai Motor earnings will shock the market.
U.S. stocks fell and the dollar gained on Wednesday after the U.S. Federal Reserve maintained its policy of stimulating growth until the job market improves, even as it acknowledged some brightening parts of the economy.
There was further evidence of recovery picking up in the U.S. housing market as new single-family home sales surged in September to their highest level in nearly 2-1/2 years.
But weak earnings outlooks and revenue misses at large U.S. multinationals made investors nervous about a slowing economy, and a Fed statement which did not mention an improving U.S. labour market, combined to push U.S. stocks lower.
The dollar index <.DXY> which is measured against a basket of major currencies reached a two week high of 80.151 on Wednesday after the Fed's decision, pulling the euro down to a near two-week low of $1.29205.
The dollar was up 0.1 percent at 79.87 against the yen to hover near its highest since early July of 80.02 touched on Tuesday. The euro eased 0.1 percent to $1.2964.
Brent was steady around $107.89 a barrel, after falling for a seventh consecutive session on Wednesday, as rising U.S. crude inventories and weak euro zone economic data offset supportive signs that Chinese petroleum demand could stage a recovery.
U.S. crude inched up 0.1 percent to $85.77 on Thursday, after settling at its lowest since July of $85.73.
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Asset returns in 2012: http://link.reuters.com/nyw85s
PMI-U.S., euro zone and China: http://link.reuters.com/qes53t
For the Fed's statement:
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European shares halted a three-day slide on Wednesday, comforted by a survey of purchasing managers signalling that China's economy is making a slow, steady recovery from its weakest period of growth in three years, with new orders and output at their highest in months.
The Chinese report lifted European oil and mining stocks on hopes for firmer demand from the world's top consumer of raw materials, offsetting dismal European manufacturing reports.
The euro zone's purchasing managers index fell to the lowest level since June 2009 in October, while manufacturing index in Germany, Europe's largest economy, fell unexpectedly and its business sentiment dropped for the sixth consecutive month to its lowest in more than 2-1/2 years.
As investors wait for clarify on the bailout prospects for struggling Spain and Greece, the head of the Spanish Treasury told Reuters on Wednesday that the country is ready to start funding itself for 2013 after having nearly completed its debt issuance plan for this year.
(Additional reporting by Somang Yang in Seoul; Editing by Michael Perry)
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