* Asia stocks fall on worrisome U.S. outlooks, Greece fears
* Few catalysts for gains as solid earnings already priced
in
* Euro weakens on scepticism Greece can dodge default
* Oil falls closer to $83 as firm dollar weighs
By Kevin Yao
SINGAPORE, April 22 (Reuters) - Asian stocks fell on
Thursday as several major U.S. firms issued disappointing
profit outlooks, casting doubts on the strength of a global
recovery, and as investors grew impatient for action on
Greece's debt crisis, which weighed on the euro.
The MSCI index of Asia-Pacific stocks outside Japan
<.MIAPJ0000PUS> shed 1 percent, led by a decline in raw
materials stocks <.MIAPJMT00PUS>, while Japan's Nikkei <>
fell 1.9 percent with microchip-related stocks giving up gains
made the previous day.
"The market has risen quite steeply lately and it is taking
a break. Investors have also turned a bit more cautious before
earnings results of major firms," said Won Jong-hyuck, a market
analyst at SK Securities in Seoul.
Disappointing outlooks from healthcare companies offset
strong earnings from Morgan Stanley <MS.N> and Apple Inc
<AAPL.O>, leaving Wall Street indexes little changed overnight.
[]
After the closing bell, chipmaker Qualcomm Inc <QCOM.O>
gave a weak forecast for the current quarter and full year,
while Internet auctioneer and retailer EBay Inc <EBAY.O> also
gave a forecast that fell short of Wall Street expectations,
casting doubts over what has been an otherwise upbeat corporate
reporting season so far.
Investors are scouring earnings reports for signs that
global consumer demand is improving, which would boost sales
and give a much-needed leg up to a flagging equities rally
which began early last year.
However, many market watchers have already priced in strong
growth expectations, leaving markets vulnerable to profit
taking if earnings and forecasts do not surprise strongly on
the upside.
In South Korea, shares of Hynix Semiconductor <000660.KS>
declined 0.5 percent despite delivering its best quarterly
profit in more than three years thanks to strong chip prices
and better-than-expected demand for personal computers.
[].
Shares in Samsung Electronics <005930.KS>, the world's No.1
memory chip maker, fell nearly 1.7 percent, helping drag the
broader stock index <> down 1 percent and farther away
from its recent 22-month closing high.
"Hynix's better-than-expected results give a good start to
the technology sector earnings season, but the growing view is
that all the good stuff is known and out already," Won said,
adding that technology earnings will be solid through the third
quarter, though growth momentum may get weaker.
Asian firms are just starting their quarterly earnings
season with investors optimistic for strong performances across
many sectors, driven by the region's brisk recovery from the
global downturn, in contrast to still-tepid economic growth in
the West. []
GREEK CHORUS
Meanwhile, the euro extended its overnight losses as
mounting worries about whether Greece could finance its debt
obligations in the near term drove investors to go short on the
unit.
The euro <EUR=> slipped to $1.3385 from $1.3392 late in
New York on Wednesday when it lost 0.3 percent. It fell to as
low as $1.3359 in the previous session.
Greece started talks with European Union and International
Monetary Fund officials on Wednesday on a potential aid deal
that could offer Greece 40 billion to 45 billion euros in
loans, but it would take several weeks before any plan could be
finalised. For details, see [].
Greek Finance Minister George Papaconstantinou said a joint
text will be agreed by May 15.
The delay means the EU/IMF package may not be in place in
time to allow Greece to roll over debt which is maturing next
month, heightening investor anxiety about sovereign defaults.
Gold <XAU=> held steady near $1,145 per ounce while U.S.
crude futures <CLc1> fell 32 cents to $83.36 a barrel, dropping
for the second day in a row, as the stronger dollar raised
costs for market players using other currencies to trade the
dollar-denominated commodity.
(Editing by Kim Coghill)
(Additional reporting by Jungyoun Park in SEOUL)
