* European seen opening lower, with exception of FTSE
* Japan’s Nikkei touches new 7-week intraday high
* Draghi reinforces expectations of further ECB easing steps
* Market reaction limited to Ukraine airstrikes
By Lisa Twaronite
TOKYO, May 27 (Reuters) - Asian stocks eased slightly in a timid session on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone.
Spreadbetters expected Britain’s FTSE 100 to open up 0.4 percent, as that market catches up after a Monday holiday. They predicted Germany’s DAX would open down 0.1 percent, after it hit a record high on Monday, and France’s CAC 40 to start 0.4 percent lower.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped about 0.2 percent, after opening higher, as investors locked in profits following its rise to a one-year high on Monday.
Much of the trading in Asia lacked energy reflecting the lack of directional clues as U.S. and UK markets were closed for holidays on Monday.
Japan’s Nikkei stock average was a regional standout, adding about 0.2 percent after marking its highest intraday level since early April.
“Short covering has been continuing since last week’s strong China PMI data and U.S. housing data,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. “The main buyers are short-term investors like derivatives players and hedge funds.”
The holidays in the major markets crimped foreign exchange volumes to less than half of their daily averages. While thin conditions sometimes amplify market moves, major currency pairs quietly stuck to recent ranges.
The euro last stood at $1.3653, slightly up on the day but still not far from a three-month low of $1.3615 plumbed on Monday. Against the yen, it added about 0.1 percent to 139.15 yen.
ECB chief Mario Draghi on Monday continued to hint at coming measures, saying the ECB must be “particularly watchful” for any negative price spiral in the euro zone, and that “more pre-emptive action may be warranted.”
Later on Tuesday, Draghi is scheduled to participate in an armchair discussion in the final day of the ECB forum underway in Portugal.
Reuters reported earlier this month that the ECB is preparing a package of policy options for its June 5 meeting. It includes cuts in all its interest rates as well as targeted measures aimed at boosting lending to smaller firms.
By contrast, current and former Japanese central bankers familiar with internal discussions say an informal debate is under way at the Bank of Japan on how to prepare for an eventual exit from its massive quantitative easing programme.
The yen was steady against the dollar, which bought 101.92 and remained not far from its 1-1/2 week high of 102.05 marked on Monday.
“Recent falls in U.S. bond yields have put a brake on the dollar. Still, on the whole, it’s not like the U.S. economy is losing momentum, so the yen will be under pressure,” said Minori Uchida, chief FX strategist at Bank of Tokyo-Mitsubishi UFJ.
Investors kept a wary eye on Ukraine, which launched air strikes and a paratrooper assault against pro-Russian rebels who seized an airport on Monday.
The escalation in the ongoing crisis was tempered by the decisive win for billionaire Petro Poroshenko in Ukraine’s weekend presidential election, which many hope will help bring some stability to the situation.
In commodities trading, U.S. crude futures were up about 0.1 percent at $104.48 a barrel.
Spot gold was a touch lower at $1,288.65 an ounce.
Three-month copper on the London Metal Exchange edged to its highest in nearly three months as markets reopened after a holiday weekend, underpinned by buying from China and on growing expectations the ECB will easy policy next month. It was last fetching $6,942.75 a tonne, up about 0.2 percent. (Additional reporting by Ayai Tomisawa and Hideyuki Sano in Tokyo; Editing by Shri Navaratnam)