Asian stocks steady, set for losing week on growth concerns

Written By Unknown on Jumat, 12 Oktober 2012 | 08.10

By Alex Richardson

SINGAPORE (Reuters) - Asian stocks and the euro steadied on Friday, but were on course for a losing week as worries about weak corporate earnings and slowing global economic growth limit the appeal of riskier assets.

Mining stocks, sold off earlier in the week, led gains after a bounce in copper and iron ore prices on Thursday.

MSCI's broadest index of Asia Pacific shares outside Japan edged up 0.1 percent, with the materials sub-index gaining 0.4 percent. Japan's Nikkei was flat after closing at its lowest in two months on Thursday.

The MSCI Asia ex-Japan index is down just over 1 percent on the week, while the Nikkei has shed more than 3.5 percent.

"Later today in the U.S., J.P. Morgan will release its earnings," said Kenichi Hirano, operating officer at Tachibana Securities in Tokyo. "Then we'll have more earnings next week, and the expectations are not high. If results are disappointing, stocks will sell off, so that makes it difficult to buy now."

Wall Street stocks ended flat on Thursday after gains brought by signs of improvement in the jobs market were erased in part by a drop in Apple shares


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