WEEKAHEAD - the view from Reuters Asia news editors

SINGAPORE, Jan 25 (Reuters) - Following is the view from
Reuters Asia editors on the news that is likely to matter most
this week:

* CENTRAL BANKS: Asia shifting away from easy money

* STOCKS BUCKLE: Slide shows signs of having more to run

* EARNINGS: Samsung, Nintendo, LG, Canon, Toshiba, Hyundai

* INTERNET SPAT: Google threat twist to U.S.-China tensions

ASIA TIGHTENING

Central bank week for Asia -- seen shifting from easy money
-- with meetings in Japan, New Zealand, India and Philippines.

Unlike the rest of Asia, Japan is still in an expansionary
mood but will sit tight this week (Jan. 25-26) [ID:nTOE60J01J]
[BOJ/] [ID:nECONJP]

New Zealand (Jan. 28) is not ready to tighten yet so will
stick with familiar lines of text and leave rates unchanged
[ID:nSGE60K02K] [RTRS-LEN-NZ-MCE]

India and the Philippines will be different. India (Jan.
29) is set to follow China by raising bank reserve requirements
as inflation starts to climb sharply [ID:nBMA006834]
[RTRS-IN-MCE]

The Philippines (Jan. 28) may lay out more details about
its plans to rein in stimulus measures. [RTRS-MCE-PH]
[ID:nASIAINT]
(dayan.candappa@thomsonreuters.com)
> Reuters polls and surveys [ID:nL10903477]
> Top economic events [M/DIARY]

STOCKS BUCKLE

The sharp slide in stocks last week does shows signs of
having more room to run. For all the worries about Obama's plan
to crack down on banks, what led the drop in shares last week
was more tech than financials -- so a more worrying sign for
Asia. The tech slide in Asia -- 5.9 percent on the MSCI
regional sub-index -- was even bigger than the hit material
shares took from China taking more steps to rein in bank
lending. The tech sub-index had been up 118 percent since the
start of 2009 as of mid-January, far outpacing the other MSCI
indexes -- so there may be some profit-taking at work here.
Results from LG Display <(034220.KS) and Hynix Semiconductor
(000660.KS) were also upbeat. But the momentum has turned.
Macquarie Securities has also noted that the latest OECD
Leading Indicator started turning down in November and such
moves usually coincides with negative year-on-year performance
in AXJ shares, with South Korea and Taiwan the hardest hit.
Some of this may be pure risk aversion due to the worries about
China's shift to liquidity tightening, the ongoing widening in
Greece's CDS spreads and Obama's bank reform measures. Whether
this is mere profit-taking or something more, the China
tightening--while still a slow normalisation of loose
conditions--has clearly spooked some investors.
(eric.burroughs@thomsonreuters.com)
> Five world markets themes this week [MKT/THEMES]
> MARKETS WEEKAHEAD-Fine headwind for investors
[ID:nLDE60L1F1]

EARNINGS WATCH

SAMSUNG ELECTRONICS (005930.KS) (Jan. 29) is set to swing
to a Q4 operating profit as its memory chip business roars on
the sector recovery, although earnings likely fell vs Q3 due to
weaker flat screens and mobile phones. As guidance was released
earlier this month, the story will focus on H1 outlook for
chips and possible weakness in mobiles.

LG ELECTRONICS (066570.KS) (Jan. 27), the world's No. 2 in
mobile phones and LCD TVs, is likely to say Q4 earnings
weakened from previous quarters on tighter phone margins. Focus
on mobile outlook as it plays catch-up in smartphones.

NINTENDO (7974.OS) (Jan. 28) Q3 likely to show a 20% drop
as once hot demand for the Wii and DS lost steam. But Nintendo
had brisk U.S. holiday season sales with new game titles -- a
blip, or second wind? Focus also on new hardware launches.

CANON (7751.T) (Jan. 27), the world's largest maker of
digital cameras, is expected to say Q4 operating profit doubled
as sales of digital cameras (inlcuding expensive SLRs) more
than offset slow sales of copiers. Focus on its FY forecast and
its proposed Dutch Oce deal. Will it sweeten its 730 million
euro offer?

DRAM maker Elpida 6665.T, chip testing device maker
Advantest (6857.T) and electronics-software conglomerate NEC
Corp (6701.T) Q3 results on Jan. 28; Elpida to swing back to a
profit as chip spending recovers and DRAM prices pick up.
Advantest to still be loss-making, though orders are improving.
NEC again the weakest link, hit by its ailing chip unit NEC
Electronics (6723.T) (Jan. 27).

TOSHIBA CORP (6502.T) (Jan. 29) Q3 to swing back to profit
after dismal year-ago quarter, driven by a rebound in NAND
flash memory. Focus on outlook for NAND pricing and any plant
expansion. Plan to weave in Fujitsu (6702.T), which is also
expected to return to profit thanks to mobile phones and
devices.

HYUNDAI (005380.KS) (Jan. 28) South Korea's top automaker
to post better Q4 profit as customers bought ahead of the end
of government stimulus measures. Outlook is bright on global
economic recovery, new models. Affiliate Kia (000270.KS)
reports on Jan. 29.
(jean.yoon@thomsonreuters.com)
> Company news diary [GLO/EQUITY]
> Asia company earnings [ASIA/EQTY]

CHINA INTERNET

The thorny relationship between Washington and Beijing
faces a new source of tension following Google Inc's (GOOG.O)
threat to leave China over hacking and censorship concerns. The
key question now is whether a face-saving compromise can be
found. But with Google and the Chinese government now settling
into a waiting game, we'll need to anticipate possibilities
such as the government shutting google.cn or the company
announcing a pull-out. Following U.S. Secretary of State
Hillary Clinton's censorship speech last week we now need to
figure out what the Americans plan to do about it. Is WTO
action an option? The main fear for markets is that the Google
dispute causes a chill in relations between the two countries
that could inflame trade and currency disputes, with worldwide
repercussions. Planning an analysis explaining the dynamics
behind China's hardening stance to the world outside.
[ID:nCHINA]
(john.chalmers@thomsonreuters.com)
> Five key Asia political risk themes to watch
[ID:nSGE60L07N]
> Weekahead Americas [WKAHEAD/AM] Europe [WKAHEAD/EM]
> Index of Reuters diaries [IND/DIARY]
(Editing by Mathew Veedon)