STOCKS NEWS ASIA-Shares set to make flat start

Published: 03 Nov 2009 18:05:44 PST

(For the latest on global markets, click [MKTS/GLOB]) WELLINGTON, Nov 4 - Asian stocks are likely to make a cautious start on Wednesday after a mixed performance in U.S. and European shares, with concerns over the banking sector weighing on sentiment.

The main U.S. share indices ranged between 0.2 percent lower and 0.4 percent higher in choppy trading, as renewed merger activity was countered by a downgrade of the technology sector.

British and European shares were sharply lower, as banks fell on poor results from UBS <UBSN.VX> and shake-ups at Royal Bank of Scotland <RBS.L> and Lloyds <LLOY.L>, which agreed to sell off some businesses to limit reliance on government support. [ID:nL3540088]

Japanese shares are expected to open little changed, with Nikkei futures traded in Chicago <2NKc1> 5 points below the last closing level in Osaka <JNIc1>.

Australian stocks are also seen flat, with share index futures <YAPcm1> at 4,530, a 1.5 point discount to the underlying S&P/ASX 200 index's <.AXJO> close on Tuesday.

Westpac Banking Corp <WBC.AX>, Australia's third biggest lender, reported a fall in second half profit, but said bad debts have peaked. [ID:nSYD253066]

The U.S. dollar rose to a one-month high against the euro <EUR=> on concerns about the global banking sector, while the yen <JPY=> was flat against the greenback.

Oil prices <CLc1> rose more than 2 percent as data showing expansion in U.S. factory orders in September raised expectations of higher demand.

HEADLINES: > S&P and Nasdaq end higher as deal news helps [nN03515398] > Buffett buying Burlington rail in his biggest deal[nN03483590] > U.S. factory orders rise, bolstering recovery [nN03499628] > Kraft profit tops expectations,Cadbury bid awaited[nN03421549] > GM sees October sales bounce, Chrysler plunges [nN03411936] > US sets prelim duties on China steel wire goods [nN03509419] > Oil rises 2 pct on U.S. factory data, gold surge [nL3445644] > UAW hopes for GM IPO 'sooner rather than later' [nN03498512] > J&J slashing workforce,cites cost of drug research[nN03485703] > White House warns of withdrawing stimulus too fast[nNYC003317] > Fed meet opens, seen hewing to easy-money course [nN03503603] --

KEY INDEXES pct change

Bank of New York Asia ADR index <.BKAS> -0.06

Dow Jones Industrial Average <.DJI> -0.18

Nasdaq Composite Index <.IXIC> +0.40

MSCI Asia Pacific ex-Japan <.MSCIAPJ> -1.24

Nikkei futures in Chicago <2NKc1> 9,825

Nikkei futures in Osaka <JNIc1> 9,830

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ASIAN ADR ACTION:

5 most actively traded: pct change

TSMC <TSM.N><2330.TW> -0.73

Siliconware <SPIL.O><2325.TW> -1.75

Infosys Tech <INFY.O><INFY.BO> 0.67

AU Optronics <AUO.N><2409.TW> 0.91

Lihir Gold <LIHR.O><LGL.AX> 7.61

Top 5 performers: pct change

Lihir Gold <LIHR.O><LGL.AX> 7.61

Shanghai Pechem <SHI.N><0338.HK> 4.60

Prana Biotech <PRAN.O><PBT.AX> 2.43

Mitsui & Co. <MITSY.O><8031.T> 2.24

Tata Motors <TTM.N><TAMO.BO> 2.22

Bottom 5 performers: pct change

Novogen <NVGN.O><NRT.AX> -5.61

Woori Fin Gp <WF.N><053000.KS> -5.34

SMIC <SMI.N><0981.HK> -2.42

PT Indosat <IIT.N><ISAT.JK> -2.41

Kookmin Bank <KB.N><060000.KS> -2.27

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TOP ASIA EVENTS:

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

JAPAN - Orix Corp <8591.T> H1 results

- Nissan Motor Co <7201.T> Q2 results

AUSTRALIA - Westpac Banking Corp <WBC.AX> full year results

- Coca-Cola Amatil <CCL.AX> Q3 trading update

- Telstra Corp <TLS.AX> annual meeting

- Retail trade, September