GLOBAL MARKETS-Brent at 11-month high, yields end flat

* Shanghai stocks close at 5-year high
* Dollar slips as Treasury yields give up gains

(Updates to U.S. stock market close)
By Rodrigo Campos
NEW YORK, Jan 12 (Reuters) - Oil prices hit their highest in
nearly a year on Tuesday on lower supply bets and Treasury
yields tightened from 10-month highs after strong demand at an
auction.
Stocks, meanwhile, edged higher, led by Asia, with eyes on
U.S. earnings and U.S. President-elect Joe Biden's inauguration
next week.
The 10-year U.S. yield touched its highest since March but
tightened to near flat on the day after a Treasury auction was
well bid. The yield had risen sharply this year on expectations
of a massive stimulus package from the incoming Democratic
administration.
Brent crude prices hit their highest since February as
tighter supply and expectations of a drop in U.S. inventories
offset concerns over rising COVID-19 cases globally. Saudi
Arabia said it plans to cut output by an extra 1 million barrels
per day in February and March.
"Saudi Arabia in particular is ensuring, through its
additional voluntary production cuts, that the market is
undersupplied," said Eugen Weinberg of Commerzbank.
Brent LCOc1 was at $56.56, up 1.62% on the day, while U.S.
crude CLc1 recently rose 1.76% to $53.17 per barrel.
On Wall Street, stocks fluctuated near unchanged for the
session, not far from record highs. The Dow .DJI rose 60
points, or 0.19%, to 31,068.69, the S&P 500 .SPX gained 1.58
points, or 0.04%, to 3,801.19 and the Nasdaq Composite .IXIC
added 36.00 points, or 0.28%, to 13,072.43.
The pan-European STOXX 600 index .STOXX rose 0.05% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.18%.
Emerging market stocks rose 0.29%, while Nikkei futures
NKc1 rose 0.52%. Mainland Chinese shares .SSEC gained 2.2%
overnight to close at their highest in over five years.
Democrats said they will give Republican President Donald
Trump one last chance on Tuesday to leave office days before his
term expires or face an unprecedented second impeachment over
his supporters' deadly Jan. 6 assault on the U.S. Capitol.
An impeachment trial could proceed even after Trump leaves
office on Jan. 20. Some Democrats have expressed concern that a
trial could hamper Biden's agenda, slowing confirmation of his
appointees and distracting from legislative priorities such as a
new coronavirus relief package.
"Even if (additional stimulus) is delayed, it's going to be
a matter of days, maybe weeks, not months. The question is the
shape and form of it," said Keith Buchanan, portfolio manager at
GlobAlt in Atlanta.
Benchmark U.S. government 10-year debt US10YT=RR last rose
1/32 in price to yield 1.1325%, from 1.134% late on Monday. The
yield hit 1.187% earlier in the session.
The U.S. dollar was down a day after hitting its highest
since December, and the tighter Treasury yields pushed the
greenback down further.
The dollar index =USD fell 0.463%, with the euro EUR= up
0.45% to $1.2204.
The Japanese yen JPY= strengthened 0.49% versus the
greenback at 103.75 per dollar, while the British pound GBP=
was last trading at $1.3665, up 1.12% on the day as comments
from the Bank of England's governor on the viability of negative
interest rates dampened bets for subzero rates in Britain.
Spot gold XAU= added 0.6% to $1,855.46 an ounce. Silver
XAG= gained 2.49% to $25.54.
Bitcoin BTC=BTSP last fell 4.01% to $34,035.14.

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