RPT-GLOBAL MARKETS-Asia stocks slip as oil rises back above $141

* Familiar inflation fears nag investors

* Infosys, POSCO, General Electric reporting results

* Commodity prices high but some see retreat coming (Repeats to additional subscribers with no change to text)

By Kevin Plumberg

HONG KONG, July 11 (Reuters) - Asian stocks slipped on Friday after oil prices climbed back above $141, a nagging reminder of rising inflation pressures, while the U.S. dollar struggled on fears about potentially underfunded mortgage finance companies.

The onslaught of higher commodity prices, the main culprit cited as a reason for high global inflation, showed no sign of letting up soon.

Crude was holding at $141.72 a barrel after jumping overnight on threats to production in Nigeria and Brazil, and aluminium prices hit a record on output cuts in China, keeping high expectations for higher costs and lower spending.

"What needs to happen is for oil prices to fall to low levels and be sustained there for some time but it just doesn't seem likely that that's going to happen," said David Spry, research manager at F.W. Holst in Sydney.

"I'm not in the corner that thinks this is going to be a quick recovery.

Japan's Nikkei share average .N225 was down 0.3 percent, with high-profile exporters such as Canon Inc (7751.T) and Toyota Motor Corp (7203.T) among the biggest weights on the index.

Outside of Japan, shares in the Asia-Pacific region .MIAPJ0000PUS were largely unchanged on the day and on the week, having fallen for the past seven weeks running.

Mainland China shares on the Shanghai Composite Index were down 0.6 percent .SSEC.

Australia's benchmark index .AXJO was flat, with strength in energy-related shares offset by declines in the financial sector.

Focus will be on the world's fourth-largest steel maker POSCO (005490.KS), Indian tech-sector bellwether Infosys Technologies (INFY.BO) and industrial giant General Electric (GE.N), which will all be reporting results later.

Disappointing quarterly earnings or dour forward-looking comments from companies could unleash downward revisions to profit expectations for 2008 and 2009, analysts said. Margins have been practically assaulted by higher costs associated with commodity prices and slackening consumer spending, particularly in developed economies.

SLOW GROWTH, HIGH COMMODITY PRICES DON'T MIX