* U.S equities sag in face of downbeat earnings

* Chinese manufacturing activity survey below forecasts

* China PMI hits riskier assets, including Australian dollar

* Oil edges up after settling at multi-month lows

By Saikat Chatterjee

HONG KONG, July 24 (Reuters) - Asian equities stumbled on Friday after a survey showed China's manufacturing activity crumbled to 15-month lows, rekindling concerns for the region's exports as the world's second-largest economy struggles to arrest a broad downturn.

MSCI's broadest index of Asia-Pacific shares outside Japan was down about 1 percent in early trading, on course for a weekly loss of more than 2 percent - one of the biggest slides this year.

Financial spreadbetters expect Britain's FTSE 100 to open down 0.4 percent, Germany's DAX to open down 0.5 percent, and France's CAC 40 to open down 0.4 percent.

The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 48.2, below economists' estimate for a reading of 49.7 and the lowest reading since April last year. It was the fifth straight month below 50, the level which separates contraction from expansion.

The weak PMI comes on the heels of some gloomy data in some of the biggest economies in the region.

South Korea's economy recorded its weakest expansion in six years for the second quarter, while Japanese exports to China were relatively weak, reviving concerns of slowing corporate profits across Asia.

The Australian dollar, which investors use as a liquid proxy for risk in China, slumped to six-year low.

Japan's Nikkei stock index dipped about 0.6 percent, even though a similar survey for Japan showed improvement. The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 51.4 in July from a final 50.1 in June, suggesting economic growth is picking up after an expected slump in the second quarter.

"Japan's PMI was good, but Japanese stocks are reacting more to China's," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust Bank in Tokyo.

"Everyone is concerned about the state of China's economy, and this reaction shows that market is very sensitive to information like this," she said.

On Wall Street overnight, downbeat corporate earnings reports sent U.S. equities lower, with all three major U.S. indexes logging solid losses.

"U.S. equities are looking ripe for a long-awaited correction and that should keep investor sentiment towards Asia cautious though Chinese and Japanese equities may gain tactically in the coming weeks," said Kay Van-Pietersen, Asia macro strategist at Saxo Partners in Singapore.