*

Hong Kong stocks fall 2.5% after Beijing's stimulus

disappoints

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Bitcoin hits all-time high amid expectations of light

regulation

under Trump

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Dollar steady ahead of key U.S. inflation data and Fed

speakers

By Kevin Buckland

TOKYO, Nov 11 (Reuters) - Hong Kong stocks led declines

in Asia on Monday after Beijing's latest stimulus fell short of

investor expectations, overshadowing Wall Street's record highs

from Friday and futures pointing to further strength at the

reopen.

Bitcoin climbed to an all-time high as Donald Trump's

victory in the U.S. presidential election along with pro-crypto

candidates being voted to Congress spurred expectations of a

light-handed regulatory environment.

The dollar traded not far from last week's four-month peak

versus major peers as traders prepared for a key reading of U.S.

consumer inflation this week, as well as a parade of Federal

Reserve speakers, including Chair Jerome Powell on Thursday.

Hong Kong's Hang Seng tumbled 2.5% as of 0200 GMT,

with a sub-index of mainland Chinese property shares tumbling

3.9%. Chinese blue chips weakened 0.3%.

Japan's Nikkei fell 0.3%. South Korea's Kospi

lost 0.9% and Taiwan's benchmark slipped 0.7%.

Australia's share benchmark declined 0.4%, weighed

down by commodity stocks, after oil and industrial metals

weakened.

On Friday, after Chinese markets had closed, the National

People's Congress Standing Committee unveiled a 10 trillion yuan

($1.39 trillion) debt package to ease local government financing

strains and stabilise flagging economic growth.

However, the stimulus steps lacked the direct injection of

money into the economy that some investors had hoped to see,

particularly amid the threat of massive tariffs under the

incoming Trump administration.

"It may be disappointing for those who were expecting the

NPC meeting to approve a massive fiscal package, but the

expectation is unrealistic, because the policy goal is to

achieve the GDP growth target and reduce tail risks, not to

reflate the economy in any meaningful way," Macquarie analysts

wrote in a note.

"China's policy will also only respond to its own economic

conditions, not the U.S. election result."

The stimulus disappointment, however, overshadowed what

should have been a positive lead from Wall Street, where the S&P

500 broke above 6,000 points for the first time before

closing at a record slightly below that level.

S&P 500 futures pointed 0.2% higher on Monday.

The Republican party is edging closer to sweeping both

chambers of Congress, taking the Senate on election night and

with Edison Research projecting it so far to have 214 seats of

the 218 seats needed for control of the House, compared to 205

for Democrats.

Investors expect that Trump's second term in office will

bring equities-boosting tax cuts and looser regulations.

Bitcoin, which has been another prominent "Trump

trade", extended its record run to mark a fresh all-time high of

$81,756.

Trump has pledged to make the United States "the crypto

capital of the planet".

The dollar index, which measures the currency against

six major peers, held steady at 105.01 following Friday's 0.55%

climb.

Traders will be watching consumer price data on Wednesday

for stickiness that could scupper the chances of an interest

rate cut at the next meeting in December.

Markets currently lay about 65% odds for a quarter-point

reduction on Dec. 18, according to CME Group's FedWatch Tool.

The dollar rose 0.5% to 153.39 yen, reversing some

of the weakness from Friday, when the pair tracked long-term

U.S. Treasury yields lower.

Minutes of the Bank of Japan's October policy meetings

showed officials were divided on how soon they could raise rates

again, though market reaction was muted.

U.S. bond markets are closed on Monday for Veterans Day,

although Wall Street will be open.

The euro was flat at $1.0721, sitting not far from

a four-month low. Political uncertainty remained a drag as

German Chancellor Olaf Scholz said he would be willing to call a

vote of confidence before Christmas, paving the way for snap

elections following the collapse of his governing coalition.

Sterling was little changed at $1.2922.

Gold declined 0.5% to $2,669.69 per ounce, dropping

back further from last month's record high of $2,790.15.

Base metals in Shanghai slipped, with the most-traded

December copper contract on the Shanghai Futures Exchange (SHFE)

falling 0.9% to 76,570 yuan a ton.

Oil prices extended declines from Friday, when Brent and

West Texas Intermediate (WTI) each sank more than 2%. On Monday,

Brent futures dropped 0.3% to $73.68 a barrel, while

U.S. WTI futures lost 0.4% to $70.13 a barrel.

($1 = 7.1787 Chinese yuan renminbi)