* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Investors question speed of stock rally
* China shares eye chance of stimulus
* Oil prices extend gains in Asia
By Stanley White and Chris Prentice
TOKYO/WASHINGTON, May 21 (Reuters) - Asian shares and Wall
Street futures stepped back on Thursday as resurgent concerns
about the long-term impact of the coronavirus outbreak offset
some of this week's earlier enthusiasm about economies
re-opening.
Investors were also looking ahead to a key policy gathering
in China that may yield more economic stimulus, while recent
data from around the world reinforced views that a sustainable
recovery may not come for several months.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS fell 0.1%, having rallied around 3% so far this
week. S&P 500 e-mini stock futures ESc1 fell 0.54%.
Euro Stoxx 50 futures STXEc1 were down 1.02%, German DAX
futures FDXc1 fell 0.92%, and FTSE futures FFIc1 were off
0.58%, pointing to a soft session in Europe.
Broad risk appetite has been checked somewhat by escalating
tensions between the United States and China due to President
Donald Trump's criticism of Beijing's handling of the
coronavirus outbreak.
Australian shares .AXJO , which have been hampered by
concerns about a trade row with China, pulled back slightly from
a two-month high.
Japan's Nikkei stock index .N225 slid 0.05% after data
showed the country's exports collapsed in April. Shares in China .CSI300 fell 0.19% before the start of the
annual parliament meeting on Friday. The focus will be on Premier Li Keqiang's 2020 work report
on the opening day of the National People's Congress (NPC),
where he is expected to announce key economic targets and
details on fiscal stimulus plans.
Global equities were buoyed this week as governments around
the world gradually loosened their coronavirus lockdown
restrictions, but many investors remain wary of the outlook as
a raft of recent data suggested a full-blown recovery is likely
some way off.
"Equities are still in an uptrend, but the pace of the
rebound has been a little quick and we are running into
resistance," said Kiyoshi Ishigane, chief fund manager at
Mitsubishi UFJ Kokusai Asset Management Co in Tokyo.
"The (global) services sector has been decimated. The level
of unemployed suggests this recovery will take some time."
On Wall Street, the S&P 500 .SPX gained 1.67% on
Wednesday, but the positive mood did not last into Asian trade.
U.S. crude CLc1 rose 1.79% to $34.09 a barrel, while Brent
crude LCOc1 also rose 1.79% to $36.39 per barrel in a sign of
easing concerns about a supply glut.
The dollar edged higher to $1.0956 per euro EUR=EBS and
rose to $1.2291 against the British pound GBP=D3 .
The greenback also gained against the Australian AUD=D3
and New Zealand dollars NZD=D3 in a sign that some investors
remain averse to risk.
Minutes from the U.S. Federal Reserve's April meeting
released on Wednesday showed policymakers reaffirmed a pledge to
keep interest rates near zero until they are confident the
economy is on track to recovery. The U.S. government auctioned $20 billion of 20-year debt on
Wednesday for the first time since 1986. The 20-year yield
US20YT=RR eased slightly to 1.1549% in Asia, while the yield
on benchmark 10-year Treasury notes US10YT=RR fell to 0.6639%
as traders sought the safety of government debt.
Another $54 billion of 20-year bonds are expected over the
next three months as the U.S. government ramps up spending to
fund the economic recovery from the coronavirus pandemic.
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Tracking the spread of the novel coronavirus https://graphics.reuters.com/CHINA-HEALTH-MAP/0100B59S39E/index.html
FACTBOX-Global economic policy response to the coronavirus
crisis ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>