SINGAPORE, May 20 (Reuters) - Asian shares started the

week by rallying two-year highs on Monday, buoyed by China's

strongest measures yet to address its property crisis and by

expectations for global rate cuts within weeks, while the dollar

steadied after a weekly drop.

Brent crude futures touched a one-week high of

$84.14 a barrel in early trade, with the crash, in heavy fog, of

a helicopter carrying Iran's president drawing traders'

attention to the Middle East. Gold hovered close to a

record high at $2,423 an ounce.

Japan's Nikkei rose 0.9% in early trade. Hang Seng

futures pointed to gains and MSCI's broadest index of

Asia-Pacific shares outside Japan was up 0.25%

to a two-year top with early gains in Australia and South Korea.

After world stocks made record highs last week in the wake

of softening U.S. inflation, focus this week turns to policy

speeches, meeting minutes, a central bank decision in New

Zealand and Nvidia results, with a break in the data calendar.

"Whether this summer continues will require more than one

swallow flying, it will require the confidence of central

bankers and more economic proof," said Bob Savage, BNY Mellon's

head of markets strategy and insights in a note to clients.

"The week ahead will pivot on the Fed speakers and (Fed)

minutes in how they paint the picture of policy risks ahead,

with a bias to ease rather than hike essential," he said.

Late last week, partly in response to some policymakers'

comments, global bonds retraced a rally that had followed an

encouraging fall in U.S. CPI data.

U.S. Federal Reserve Governor Michelle Bowman reiterated her

view that she remains willing to hike rates should progress on

taming inflation stall or reverse.

European Central Bank board member Isabel Schnabel said the

June rate cut that markets have priced in for Europe "may be

appropriate" but seemed to pour cold water on traders'

expectations for a series of cuts to follow.

Two-year U.S. Treasury yields ended last week

four basis points (bps) lower at 4.825% and were steady in Asia

trade. Ten-year U.S. yields were down 8.4 bps last

week to 4.42%.

Two-year bund yields went up 2 bps to 2.988%.

RBNZ AHEAD

China announced "historic" steps on Friday to stabilise its

property sector, with the central bank facilitating 1 trillion

yuan ($138 billion) in extra funding and easing mortgage rules,

and local governments set to buy "some" apartments.

That helped the Hang Seng to a nine-month high and

growth-sensitive copper prices to a 26-month peak. Elsewhere in

commodities three-month nickel surged to its strongest in nine

months due to unrest in nickel exporter New Caledonia.

In currency markets the dollar logged its largest weekly

drop on the euro in two-and-a-half months last week, but was

steady in Asia morning trade on Monday.

The euro was broadly steady at $1.0873 on Monday.

The yen was a fraction softer at 155.82 per dollar.

The Australian dollar rose 1.4% last week and held

at $0.6698 on Monday and the New Zealand dollar hovered at

$0.6135. The Reserve Bank of New Zealand sets interest rates on

Wednesday and is expected to leave its main cash rate at 5.5%.

"We don't think the RBNZ will be as confident as markets are

that cuts are just around the corner, and if that is the case,

we may see short-end rates lift a touch this week," said

analysts at ANZ Bank.

Meeting minutes are due from Australia's central bank and

the Federal Reserve. Flash global PMIs are also out this week.

S&P 500 futures rose 0.2% in early trade. Bitcoin

dipped about 1% to $65,863.