Asia Stocks Week Ahead-Restrained, earnings in focus

HONG KONG, Nov 5 (Reuters) Asian stocks may struggle for upside in the week ahead as investors fret that markets have become over-stretched by a sustained rally that drove indexes in Hong Kong and Australia to record highs in the past week.

Another crop of earnings from key firms such as Toyota Motor Corp. , the world's most profitable car maker and Singapore Telecommunications , Southeast Asia's largest phone firm, will provide the focus.

Any reaction on Wall Street to the U.S. mid-term elections on Nov. 7 will also be closely watched. A Reuters poll showed Democrats lead Republicans in 12 of 15 key races in an election that will decide which party controls the U.S. House of Representatives.

Asian stocks, as measured by the MSIC Asia Pacific stock index <.msciap>, hit a five-month peak early in the week just ended, before losing steam.

''While easing U.S. interest rate fears are supportive for Asian markets, we feel the current rally may be nearing an end,'' said Lousia Lo, a fund manager at Schroders Investment Management (Hong Kong) Ltd.

Lo said investors faced the risk that a further deterioration in the U.S. housing market would hurt U.S.

consumption.

''A slowdown of the U.S. consumer would significantly impact the Asian export cyclical and manufacturing sectors, many of which are already facing significant margin pressure,'' she said.

Investors are struggling to sort out a series of conflicting U.S. economic reports. Third-quarter gross domestic product growth was worse than expected but on Friday the Labor Department reported the October unemployment rate fell to a 5-{ year low, which suggested the U.S. economy was still growing.

-- FACTORS TO WATCH (FOR WEEK STARTING NOV 6) ** For Asian company earnings, see [ASIA/EQTY] ** Key U.S. earnings/data (for Wall Street report, see [.N]) Tuesday - U.S. mid-term elections Wednesday - Cisco Systems Inc. Q1 results Thursday - Sept international trade data - Oct import/export prices data -- ** IN JAPAN (for Tokyo report, see [.T]) As earnings season winds down, investors may take the opportunity to buy back stocks that have declined during the Nikkei's drop in the holiday-shortened week ended Nov. 2.

''Investors will begin to re-evaluate stocks that have delivered solid earnings,'' said Nagayuki Yamagishi, strategist at Mitsubishi UFJ Securities Co. Ltd.

Investors will also pay attention to machinery orders for September, due on Friday. The highly volatile figures are considered a key measure of capital spending.

The Nikkei is likely to move between 16,200 and 16,800, Yamagishi said.

Monday - Earnings: Ishikawajima-Harima Heavy Industries Co. , Takeda Pharmaceutical Co. Ltd , Daikyo Inc. , Daiichi Sankyo Co. Ltd , Promise Co. Ltd. , Keyence Corp. Tuesday - Earnings: Tosoh Corp. , Nissin Food Products Co. , Pentax Corp. , Showa Denko KK , Astellas Pharma Inc , Aiful Corp. , Cosmo Oil Co.

, Toyota Motor Corp. , Yamada Denki Co. , Kubota Corp. , Amano Corp., Konami Corp. , Olympus Corp.

.

Wednesday - Earnings: Japan Airlines Corp. , Mitsubishi Rayon Co. , Toray Industries Inc. , Sumitomo Bakelite Co. , Softbank Corp. , Acom Co. , Mitsubishi Materials Corp. , Alps Electric Co. , Funai Electric Co.

, Taiyo Yuden Co. , Orix Corp.

, Benesse Corp. - NTT DoCoMo Inc. , KDDI Corp. and Softbank Corp. to announce mobile phone subscriber numbers, first monthly figures since the start of mobile number portability - Index of leading indicators in September Thursday - Earnings: Sumitomo Chemical Co. , Kawasaki Kisen Kaisha Ltd. , Nippon Yusen KK , Mitsubishi Estate Co. , Mitsui O.S.K. Lines Ltd. , Taisho Pharmaceutical Co. Ltd. , Yokohama Rubber Co. , Mitsubishi Chemical Holdings Corp.

, Isetan Co. , Secom Co.

Furukawa Electric Co. , Nikon Corp.

, Sankyo Co. , Rohm Co.

, Capcom Co. , Sumitomo Heavy Industries Ltd. , Nippon Mining Holdings Inc. .

Friday - Machinery orders in September - Earnings: AOC Holdings Inc. , Daiwa House Industry Co. , Namco Bandai Holdings Inc.

, Mitsui Chemicals Inc. , Odakyu Electric Railway Co. Ltd. , Ajinomoto Co.

, Marui Co. , Sawai Pharmaceutical Co. Ltd. , Sega Sammy Holdings Inc. , Kirin Brewery Co.

, Nomura Real Estate Holdings Inc.

, Mixi Inc. , Kenwood Corp.

.

Reuters SBA VP0332