* Worries about global recovery, euro zone weigh on stocks
* South Korean automakers rise on Toyota's woes
* Dollar keeps upward momentum, euro weak
* MSCI Asia-Pacific stocks ex Japan holding near 3-mth low
SINGAPORE, Feb 1 (Reuters) - Asian stocks slid on Monday
after suffering their worst monthly drop in a year, with South
Korean automakers bucking the trend to post nearly 3 percent
gains amid troubles at rival Toyota.
The U.S. dollar gathered steam, while the euro <EUR=>
huddled near seven-month lows as fiscal worries in the euro
zone prompted investors to add to short positions in the single
currency. []
Fresh worries over public finances of Greece, Portugal and
other smaller euro zone countries have also weighed on global
stocks, pushing Wall Street lower on Friday despite data
showing the U.S. economy grew at its fastest pace in six years
in the fourth quarter. []
Fears that Athens will not be able to service its heavy
debt have prompted investors to shun riskier investments,
including stocks.
Markets are bracing for a big week with a number of major
central bank meetings across the world and a raft of economic
reports out of the United States, culminating in the non-farm
payrolls data on Friday. [].
"There's increasing uncertainty about the stability of the
global economic recovery, but at the same time world stocks
have come down to a level low enough to promote buying," said
Hiroichi Nishi, general manager at the equity division of Nikko
Cordial Securities.
South Korean automakers Hyundai Motor <005380.KS> and Kia
Motors <000270.KS> rose amid prospects of customer gains as
Hyundai offered incentives for U.S. customers trading in Toyota
vehicles. Toyota Motor Corp <7203.T>, the world's top
automaker, has been hit by a massive recall of millions of
vehicles.
Shares in both Hyundai Motor and Kia Motors were up as much
as 2.5 percent in morning trade.
Japan's Nikkei stock average <> was down 0.39 percent,
pressured by worries about the global economy. Toyota fell 1.4
percent after losing almost 14 percent last week.
Asia Pacific stocks outside Japan as measured by MSCI
<.MIAPJ0000PUS> were off 1.2 percent, a 3-month low. The index
lost 6.4 percent in January, after a 68 percent surge in 2009,
as a host of unsettling factors prompted investors to take
profits.
The Australian dollar <AUD=> was on the defensive against a
broadly firmer U.S. unit despite news that house prices jumped
5.2 percent in the fourth quarter of 2009, well above forecasts
of a 3.3 percent rise.
The housing figure is one reason interest rates are
expected to climb again when the Reserve Bank of Australia
meets on Tuesday.
The Aussie was around $0.8816, having shed a cent on Friday
as the U.S. dollar got a lift from upbeat economic data that
showed the U.S. economy grew at a 5.7 percent annual rate in
the fourth quarter, its quickest pace in more than six years.
Oil prices <CLc1> steadied below $73 a barrel on Monday,
pausing from the previous session's 1 percent decline which
came as concerns about sluggish energy demand outweighed
stronger-than-expected U.S. economic data.
NYMEX crude for March delivery <CLc1> dipped 27 cents to
$72.62 a barrel by 0001 GMT.
(Reporting by Dean Yates; Editing by Kim Coghill)
