Hong Kong shares led Asia-Pacific stocks lower as hefty gains earlier in the week prompted some profit taking, and as concerns over the global economic crisis and its impact on earnings overshadowed the euphoria from the European and US plans to shore up their financial sectors.

Investors were bracing for earnings season, with Japanese companies already downgrading estimates for the interim and full-year periods. Market players are also looking out for earnings this week from US investment banks JPMorgan Chase and Merrill Lynch.