GLOBAL MARKETS-Asian shares gain, but writedowns weigh

                                
  (Updates with shares)
                                
 By Rafael Nam
                                
 HONG KONG, April 1 (Reuters) - Some Asian stocks gained on
Tuesday as better-than-expected data, including for South
Korean exports, offered some respite to markets that have
suffered this year from fears of a severe global economic
slowdown.
                                
 But mounting writedowns in the financial sector capped any
stronger gains. UBS AG <UBSN.VX> said on Tuesday it wrote down
an additional $19 billion in assets, and posted a net loss of
about $12.1 billion in the first quarter. [ID:nL0191189]
                                
 European shares were set to open lower following UBS'
announcement, with analysts saying a recovery in global stocks
is unlikely until confidence in the financial sector improves.
                                
 Commodities and oil largely steadied after plunging on
Monday, while the U.S. dollar was unchanged against major
currencies, such as the yen.
                                
 "People are waiting for the smoke to settle after the bombs
landed, and nobody's in the mood to do much," said Hans Kunnen,
had of investment markets research at Colonial First State.
                                
 The MSCI's measure of Asian stocks outside Japan
<.MIAPJ0000PUS> was flat by 0620 GMT, though it had gained
almost 1 percent at one point.
                                
 The mixed performance came a day after the index posted a
14.2 percent loss in the first quarter -- its biggest in over
five years -- as fears about the global economy and a credit
crunch soured confidence.
                                
 Some regional stock indexes stemmed the recent losses after
Wall Street rose on Monday on stronger-than-expected Midwestern
business activity in the United States, raising some hopes that
an expected economic slowdown will not be as severe.
[ID:nN31410880]
                                
 Closer to home, South Korea said exports in March rose by a
higher-than-expected 19.1 percent from a year earlier, soothing
concern that a slowdown in the global economy was hitting
demand for the country's goods. [ID:nSEO16245]
                                
 Still, economists widely expect a slowdown in the region to
be inevitable, with another potential headache coming from
rising inflationary pressures.
                                
 According to the World Bank on Tuesday, East Asia faces a
challenging 2008 as falling exports and reduced business
spending slows economist growth at a time when rising food
prices push up inflation rates. [ID:nSP85935]
                                
 Analysts are also wary of calling an end to the global
financial crisis. Lehman Brothers <LEH.N>, a U.S. investment
bank beset by rumours of not having enough funding, said after
the close of U.S. trade it plans to raise $3 billion of capital
to quash questions about its stability. [ID:nN31433812]
                                
 NIKKEI RISES
                                
 Among the day's gainers, Japan's Nikkei average <.N225>
ended up 1 percent, even after the Tankan survey showed
weakening Japanese business sentiment, as investors saw the
uncertainty about the economy as sufficiently priced in an
index that dropped 18.2 percent over the previous quarter.
[ID:nT32965]
                                
 Shares in Australia <.AXJO> rose 0.1 percent, Singapore
<.STI> rose 0.3 percent, while Hong Kong <.HSI> was up 1.3
percent.
                                
 Stocks in South Korea <.KS11> ended flat, though among the
gainers, Samsung Electronics Co Ltd <005930.KS> added 2.1
percent after saying it is considering a small increase in
prices for computer memory chips. [ID:nSEO211550]
                                
 Elsewhere, Shanghai's main index <.SSEC> fell 3.2 percent,
continuing a slide that has seen it lose 34 percent in the
previous quarter alone, while stocks in India <.BSESN> and
Taiwan <.TWII> fell under 2 percent each.
                                
 Oil hovered below $102 a barrel on Tuesday, as a forecast
of lower U.S. gasoline stocks stopped a slide that had taken
prices down $4 on Monday alone, following a projected recovery
in Iraq's exports after heavy fighting in the oil port city of
Basra ended.
                                
 U.S. crude for May delivery <CLc1> fell 13 cents to $101.41
a barrel on the Globex electronic trading platform.
                                
 Gold <XAU=> eased a tad to $908.50/$909.40 an ounce from
$916.20/917.00 late in U.S. trade on Monday.
                                
 The dollar traded little changed against the euro a day
after posting its biggest quarterly loss in four years, with
the yen slipping slightly after the country's quarterly tankan
survey.
                                
 The dollar was at 99.92 yen <JPY=>, while the euro eased
slightly to $1.5774 <EUR=>.
                                
 But Japanese government bond futures fell sharply on
Tuesday as a weaker-than-expected 10-year debt auction prompted
a sell-off. June 10-year futures fell 0.72 point to 139.80
<2JGBv1> after sliding as low as 139.85.
 (Editing by Louise Heavens)