* Asia ex-Japan stocks inch lower; Nikkei closes down 0.35 pct
* European stocks set to open mixed amid France political fears
* Markets expect decline in China January forex reserves
* Oil pulls up as markets torn between OPEC cut, U.S. supply rise
By Nichola Saminather
SINGAPORE, Feb 7 (Reuters) - Appetite for Asian stocks and the euro ebbed on Tuesday as a rising tide of economic and political concerns added to anxiety over expectations China's foreign exchange reserves fell again in January.
European stocks look set for sluggish start, with financial spreadbetter CMC Markets expecting Britain's FTSE 100 to open up 0.1 percent, France's CAC 40 0.1 percent lower and Germany's DAX to be little changed.
MSCI's broadest index of Asia-Pacific shares outside Japan was fractionally lower, while Japan's Nikkei closed down 0.35 percent.
Chinese shares dropped 0.4 percent ahead of data expected to show that foreign exchange reserves fell for the seventh straight month by about $10.5 billion to $3 trillion in January.
But some economists said reserves may have actually risen due to tighter controls on moving money out of the country, as well the impact of a weaker dollar.
Nevertheless, as foreign exchange reserves linger at around $3 trillion, concerns remain over the speed at which China has depleted its cash resources to defend the currency.
Overnight, both U.S. and European stocks dropped.
Wall Street dipped as much as 0.2 percent, led lower by the energy sector as oil prices fell, with investors still waiting for details of U.S. President Donald Trump's economic policies.
"The market's tone has been one of risk-off, as political fallout in both Europe and the United States is weighing on investor resolve, imposing an unpalatable risk on investor sentiment," Stephen Innes, senior trader at OANDA in Singapore, wrote in a note.
Declines in European shares came on the heels of the French presidential campaign launch of far-right National Front Leader Marine Le Pen on a platform pledging to fight globalisation and take France out of the European Union.
French stocks lost 1 percent, and yields on 10-year French government bonds hit their highest level since September 2015.
"Despite the reaction in the French yields, polls show Le Pen would finish runner-up by a wide margin to either Independent Emmanuel Macron or Republican Francois Fillon," James Woods, global investment analyst at Rivkin Securities in Sydney, wrote in a note.
The euro fell 0.3 percent to $1.0714 on Tuesday, after dropping as much as 0.7 percent the previous day to a near one-week low before recovering to close down 0.3 percent.