Asian stocks edge lower amid weak earnings, economic uncertainty By

-- Most Asian stocks fell further on US Huisheng Forex PlatformThursday, coming under pressure from a round of weak regional earnings, while concerns over slowing economic growth and a potential U.S. banking crisis eroded sentiment.

Japan’s index fell 0.3%, bogged down by steep losses in brokerage Nomura Holdings and semiconductor testing equipment maker Advantest Corp (TYO:).

Nomura fell 7% after its quarterly profit plummeted 76%, as concerns over a banking crisis and slowing growth battered the firm’s investment banking unit. The firm also saw increased costs due to a weaker and higher at home.

Advantest slumped nearly 11%, and was the worst performer on the Nikkei after it forecast a sharp drop in quarterly profit due to waning chip demand.

Weak chip demand also saw South Korean giant Samsung Electronics Co Ltd (KS:) log a 96% drop in its first-quarter profit, with the firm’s semiconductor unit posting a record loss. But Samsung also forecast a demand recovery in the second half of the year, which helped its shares recover from early losses.

The South Korean index was trading flat.

Broader Asian markets moved in a flat-to-low range, taking a similar as renewed fears of a banking crisis largely offset strong earnings from U.S. technology heavyweights.

Shares of (NYSE:) continued to plummet after the firm flagged a severe drop in its deposits, which analysts warn could spell weakness for the broader banking sector.

Weak economic readings from China also weighed on sentiment, as Asia’s largest economy logged a substantially bigger-than-expected decline in for the first three months of the year.

China’s and indexes rose 0.1% and 0.2%, respectively, recovering slightly after tumbling for the past six sessions. Hong Kong’s index was flat.

India’s and indexes also traded sideways in early trade, while Australia’s fell 0.4%, with major banking and mining stocks under pressure.

Focus is now on key U.S. due later in the day, which is expected to provide more cues on a potential recession in the world’s largest economy. Markets are also awaiting a reading on the Federal Reserve's , ahead of a hotly anticipated hike next week.

A is also due on Friday, although the central bank has telegraphed that it will leave its ultra-loose policy unchanged.

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