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GLOBAL MARKETS-Stocks trying to hold momentum in Asian after U.S. records

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David Henry
·2 min read
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* Asian stock markets : https://tmsnrt.rs/2zpUAr4

* MSCI ex-Japan rises

* Wall Street makes new records

* 'Reflation trade' supports bond yields, oil

By David Henry

Feb 9 (Reuters) - Global stocks were poised to rise again onTuesday in Asian trading after another record-setting day onWall Street.

Japan's Nikkei 225 futures rose 0.15%, e-mini futuresfor the S&P 500 rose 0.04% and Australian S&P/ASX 200futures rose 0.12% in early trading.

MSCI's broadest index of Asia-Pacific shares outside Japanwas last up 0.04% at 720.5.

The early action came after another day of so-calledreflation trades around the world in which global markets bid upstocks, cryptocurrencies, oil and gold while U.S. Treasuryyields held near 11-month highs and the dollar steadied.

Expectations have been building that inflation will pick upas governments and central banks continue massive spending andeasy money policies until officials are certain that theireconomies will recover from the coronavirus pandemic.

"Reflation on the back of U.S. fiscal stimulus and positivevaccine news remains the major theme for markets," strategistsat National Australia Bank wrote.

Wall Street reached all-time closing highs on Monday as theNasdaq Composite added nearly 1% and the S&P 500and the Dow Jones Industrial Average gained about 0.75%.

Cryptocurrency bitcoin rose more than 15% onMonday to another record high of $45,000 after Tesla Incsaid it had invested around $1.5 billion in the virtualcurrency and expects to accept it as payment for its cars in thefuture.

Oil prices rose more than 2% on Monday to their highestlevels in more than a year, with Brent nudging past $60a barrel.

"There is a sense that the glut of oil supply isdisappearing more rapidly than anybody thought possible," saidPhil Flynn, senior analyst at Price Futures Group in Chicago."There seems to be a paradigm shift in the market."

Spot gold jumping more than 1% on Monday to $1,830.17an ounce as expectations of a large U.S. economic stimuluspackage bolstered its appeal as an inflation hedge.

The dollar index which stabilized on Monday aftertripping at the end of last week on a weaker-than-expected jobsreport, and was last down a bare 0.04% at 90.964.

Against the yen, the dollar was flat at 105.22.

(Reporting by David Henry in New York; Editing by LisaShumaker)