* Ex-Japan Asia up 0.2%, Nikkei rises 0.4%
* S&P500 futures up 0.6%, Nasdaq futures flat
* U.S. debt yields off lows
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
By Hideyuki Sano
TOKYO, Sept 8 (Reuters) - U.S. stock futures and Asian
shares regained some footing on Tuesday following a small bounce
in European shares as investors looked to whether high-flying
U.S. tech shares could recover from their recent rout.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 0.2% while Japan's Nikkei .N225 gained
0.4%. U.S. financial markets were shut on Monday for a public
holiday while Europe's STOXX 600 index .STOXX was 1.7% higher.
Globally traded U.S. S&P500 futures EScv1 erased their
Monday losses to trade 0.6% higher. Tech shares remained more
fragile, however, with Nasdaq futures NQcv1 standing flat
after having lost more than 6% late last week.
While many market players say they cannot pinpoint a single
trigger for the Nasdaq's sudden plunge, valuations have been
stretched after its gain of 75% from a bottom hit in March.
Tesla TSLA.O , the poster child of the euphoria in U.S. big
technology stocks with a year-to-date gain of a whopping 400%,
looks set to fall after it was excluded from a group of
companies that were being added to the S&P 500.
It lost 6.5% in after-hours trade on Friday and fell 2.7% in
Frankfurt TSLA.F on Monday.
"Those tech shares were becoming expensive so I would see
their latest fall as a healthy correction," said Masahiro
Ichikawa, senior strategist at Sumitomo Mitsui DS Asset
Management.
Risk assets also face headwind from creeping doubts that
U.S. policymakers may not be willing to compile massive stimulus
as some traders had hoped for.
"The headline figures from Friday's U.S. jobs data were
pretty good, so that could lead to speculation policymakers may
no longer be eager to dole out trillions of dollars to support
the economy," said Masahiko Loo, portfolio manager at
AllianceBernstein.
"Markets may have gone too far in expecting the Federal
Reserve to announce more easing steps this month," he said,
adding receding expectations is one reason behind a rise in U.S.
bond yields last week.
The 10-year U.S. Treasuries yield stood at 0.716%
US10YT=RR , off a five-month low of 0.504% touched in August.
In currencies, sterling dropped after the European Union
told Britain on Monday that there would be no trade deal if it
tried to tinker with the Brexit divorce treaty. The warning came after British Prime Minister Boris
Johnson's government was reported to be planning new legislation
to override parts of the Brexit Withdrawal Agreement it signed
in January.
The pound lost 0.80% on Monday to $1.3167 GBP=D4 , near its
lowest levels in two weeks.
Other currencies barely moved with rises in U.S. yields
helping to stem the dollar's recent weakness.
The euro eased slightly overnight to $1.1818 EUR= while
the dollar was little moved at 106.31 yen JPY= . Gold was
little changed at $1,930.9 per ounce XAU= .
Oil prices dropped to five-week lows after Saudi Arabia made
its deepest monthly price cuts to supply for Asia in five months
and as uncertainty over Chinese demand clouds the market's
recovery. U.S. WTI futures CLc1 fell 1.4% to $39.23 per barrel.