* Asia ex-Japan reverses losses; Nikkei slides on strong yen
* European stocks likely to open little changed
* China stocks up on strong earnings f'casts, data showing growth
* South Korean stocks under pressure after N. Korea missile test
* Oil riss on signs of falling supply, Venezuela sanctions
By Nichola Saminather
SINGAPORE, July 31 (Reuters) - Asian shares turned positive on Monday, shrugging off a new North Korean missile test as investors turned their attention to a raft of global economic data and earnings this week, while the dollar crept up but remained capped by U.S. political concerns.
European stocks look set for a muted start, with financial spreadbetter CMC Markets expecting Britain's FTSE 100, Germany's DAX and France's CAC 40 to all open little changed.
MSCI's broadest index of Asia-Pacific shares outside Japan reversed early losses to rise 0.25 percent.
Chinese shares rose, buoyed by several leading companies' forecasts for strong mid-year earnings. The blue-chip index and the Shanghai Composite both rose 0.6 percent. Hong Kong's Hang Seng climbed 1 percent to a two-year high.
That strong performance came despite a slip in official Chinese manufacturing and services purchasing managers' indices in July, although they stayed above the 50-point mark that separates growth from contraction on a monthly basis.
Investors remained wary after North Korea conducted a missile test late on Friday that it said proved its ability to strike the U.S. mainland. The U.S. responded by flying two bombers over the Korean peninsula on Sunday.
But early jitters dissipated somewhat, with the Korean won reversing losses. The dollar was down 0.2 percent at 1,120.7 won, after jumping almost 0.7 percent on Friday. South Korea's KOSPI fell 0.2 percent.
Australian shares advanced 0.7 percent.
The perceived safe-haven Japanese yen strengthened, with the dollar shedding 0.15 percent to 110.545 yen, touching its weakest since mid-June.
"The geopolitical overhang will likely keep topside moves in check early in the week as the disorganised U.S. and China policy towards North Korea is not helping matters," Stephen Innes, head of Asia-Pacific trading at OANDA, wrote in a note.
Japan's Nikkei was flat, with the firm yen offsetting news the country's industrial output rebounded in June from a decline in May.
On Wall Street on Friday, the S&P and Nasdaq indexes fell after earnings from companies including Amazon , Exxon Mobil and Starbucks disappointed.
But the Dow closed higher and set an intraday record, lifted by Chevron's strong earnings.