GLOBAL MARKETS-Asian shares slip, dollar wallows at 1-mth lows

(Recasts lead, adds Europe, U.S. stock futures, updates levels
throughout)
* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* MSCI ex-Japan eases after two days of gains
* NZ, Chinese, HK shares in the red
* Dollar languishes near one-month lows
* Oil holds near 1-mth top, gold slightly higher

By Swati Pandey
SYDNEY, April 15 (Reuters) - Asian shares slipped on
Thursday dragged down by Chinese stocks as recent upbeat
economic data raised fears of monetary policy tightening, while
the dollar index struggled near one-month lows.
Futures for Eurostoxx 50 STXEc1 and Germany's DAX FDXc1
started in negative territory while those for London's FTSE
FFIc1 were a tad higher. E-Mini futures for the S&P 500 ESc1
were up 0.2%.
The mood was less positive in Asia where most major indexes
were in the red.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS was down 0.1% after two straight days of gains.
It was last at 690.12, a long way from a record high of 745.89
touched in February.
Japan's Nikkei .N225 pared early gains to finish 0.07%
higher while New Zealand's benchmark index fell 0.9%.
Chinese shares stumbled with the blue-chip CSI300 index
.CSI300 down 0.9% and Hong Kong's Hang Seng index .HSI
dropping 0.8%.
JPMorgan Asset Management said in a note it was trimming its
overall Emerging Markets (EM) exposure "mostly driven by a less
sanguine outlook on EM Asia."
"China has now recovered enough that policymakers can afford
to be more conservative and worry more about containing debt and
property market risks," its global multi-asset strategist Patrik
Schowitz wrote in a note.
"That will be a headwind to China equities, despite the
solid economy."
Global shares have surged in recent weeks led by successful
rollouts of COVID-19 vaccines around the world, U.S. stimulus
packages and higher U.S. inflation expectations.
However, a recent, sharp pick-up in U.S. Treasury yields has
"begun to exert a valuation test on some parts of the global
equity markets with value outperforming growth," Jefferies
analysts wrote in a note.
"Equally, there are fewer stocks offering decent yields and
higher capital gains."
JPMorgan Asset Management's Schowitz said he was less keen
on tech shares, which should have less upside to earnings
expectations in the near term and are "very expensive" relative
to value.
Wall Street ended mixed on Wednesday with the tech sector
the biggest underperformer after the largest bitcoin exchange
Coinbase COIN.O was sold off on its listing day, dragging the
Nasdaq lower. .N Coinbase's listing coincided with a record price for
Bitcoin, which rose to just under $65,000 but the euphoria
proved to be short-lived as the stock fell nearly 20% from its
opening level to trade at $328.
In currencies, the U.S. dollar =USD was on track for a
fourth consecutive day of decline against its major counterparts
with the Federal Reserve reiterating that interest rates will
stay low for some while yet. FRX/
Forex investors are keeping an eye on Treasury yields for
direction with a potential market panic about accelerating
inflation seen as the biggest risk to sentiment.
Major policymakers, including the Federal Reserve, have
repeatedly said there is still plenty of labour market slack to
keep inflation in check for several years though there might be
temporary spikes which they are willing to overlook.
The assurance has helped stabilise bond markets for now,
though jitters remain that the Fed could change tack later this
year if inflation readings swing higher than expected.
Against the Japanese yen, the dollar slipped for a fourth
day JPY= to 108.90. The euro EUR= was flat at $1.1977 as was
sterling GBP= at $1.3776.
The Australian dollar AUD=D3 hovered near three-week highs
at $0.7716 after posting its biggest one-day percentage gain
since Feb. 19 on Wednesday. Its New Zealand peer NZD=D3 was
upbeat at $0.7147, a level not seen since March 23.
The U.S. dollar was 1.7% higher on the Russian rouble RUB=
on a Reuters report the United States will announce sanctions on
Russia as soon as Thursday for alleged election interference and
malicious cyber activity, targeting several individuals and
entities. In commodities, oil held near one-month highs after climbing
nearly 5% on Wednesday on signs of increasing crude demand.
O/R
Brent crude LCOc1 was up 2 cents at $66.60 a barrel. U.S.
crude CLc1 slipped 5 cents to $63.1.
Gold XAU= was 0.4% higher at $1,741.8 an ounce.

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Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
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(Editing by Ana Nicolaci da Costa and Jacqueline Wong)