GLOBAL MARKETS-Asian stocks make cautious gains after patchy Wall St rally

* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* S&P 500 stock futures up 0.14%
* Australian stocks up
* Wall Street ends mixed
* Bitcoin rally stalls

By David Henry
NEW YORK, Feb 9 (Reuters) - Asian stocks inched higher on
Wednesday, as upbeat Wall Street earnings and optimism about a
global recovery supported sentiment, although concerns about the
sustainability of a recent risk rally are likely to cap gains.
The Australian S&P/ASX 200 Index .AXJO was last up 0.5%
and e-mini futures for the S&P 500 EScv1 rose 0.14%. Japan's
Nikkei 225 .N225 slipped 0.31%.
Bitcoin, BTC=BTSP which gained 19.5% on Monday, was down
0.1% at $46,354 as Asian trading got underway.
The cryptocurrency was headed toward $50,000 on Tuesday, but
paused at $48,216. The early action came as shares of Lyft Inc LYFT.O rose as
much as 11% while Twitter Inc TWTR.N climbed 2% in aftermarket
trading on their latest quarterly
results. The earnings follow a slowdown in the global market rally on
Tuesday as investors reconsidered how much government stimulus
spending, easy money from central banks and vaccinations will
boost stocks, oil and inflation.
"Substantial inflation worries are potentially overblown,"
Stephen Innes, chief global markets strategist at financial
services firm Axi, wrote in a note to clients.
On Wall Street, major stock indexes closed little changed,
though the tech-heavy Nasdaq Composite .IXIC eked out a record
high on a gain of 0.14%. The S&P 500 .SPX lost 0.11% and the
Dow Jones Industrial Average .DJI lost 0.03%.
The S&P had climbed the previous six sessions and is up 5.3%
for the month. All three indexes closed at records on Monday.
European shares also slipped, with the STOXX 600 .STOXX
index finishing 0.1% in the red. The index has gained nearly 4%
this month. The dollar index fell 0.57% on Tuesday, led by losses
against the yen and euro in choppy trade and hitting two-week
lows. FRX/
The yield on the benchmark U.S. 10-year Treasury notes was
last at 1.16% after rising on Tuesday as high as 1.72% but
falling back to the same level as on Monday. Brent oil LCOc1 rose on Tuesday to $61.06 in the seventh
straight session of gains, touching 13-month highs. Investors
are betting that fuel demand will rise while OPEC and allied
producers keep a lid on supply. "With Brent over $60, it's been great psychologically," said
John Kilduff, partner at Again Capital LLC in New York.
"Everyone is feeling bullish about stronger demand and
global inventories in further decline."
Spot gold XAU= added 0.1% to $1,838.09 an ounce after
rising to a one-week high on Tuesday. "The reflation trade is really starting to settle in," and
gold is benefiting from the dollar weakening again, and stimulus
being the big focus, said Edward Moya, senior market analyst at
OANDA.

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