April 23 (Reuters) - A look at the day ahead in Asian

markets.

Asian stocks should have a spring in their step on Tuesday after

a positive start to the week locally and globally on Monday,

supported by a recovery in tech shares, calm in fixed income

markets, and a cooling in geopolitical tensions.

Tuesday's economic calendar is pretty full, with purchasing

managers index reports from Japan, Australia and India, consumer

inflation from Singapore and Hong Kong, producer inflation from

South Korea and industrial production from Taiwan all on deck.

Currency traders remain on high alert for yen intervention

with the dollar getting closer to 155.00 yen, although there is

a question whether Tokyo will act so close to the Bank of

Japan's two-day policy meeting that starts on Thursday.

China's yuan remains on the defensive too, slipping to a

five-month low against the dollar on Monday.

Overall sentiment is fairly buoyant after the S&P 500 and

Nasdaq rebounded on Monday, as tech clawed back some of last

week's losses and Middle East tensions cooled.

Investors now turn their attention to this week's earnings

from some of these tech giants - Tesla, Meta Platforms, Alphabet

and Microsoft announce their quarterly results this week, which

will go a long way to determining the outlook for U.S. and

global stocks in the months ahead.

The 'FANG' index of mega U.S. tech stocks rose on Monday,

snapping a six-day losing streak in which the index lost 10%.

According to analysts at A.J. Bell, the 'Magnificent Seven' of

Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and

Tesla lost $1.1 trillion of market cap in those six days.

Shares in Taiwan Semiconductor Manufacturing Co (TSMC), the

world's largest contract chipmaker, will be looking to bounce

back from Monday's 1% fall. That followed a 6% slide on Friday

after the company reported first quarter results.

Official figures from Taipei on Monday showed that export

orders rose less than expected in March, but the government was

confident that surging demand for artificial intelligence

applications will fuel future demand for the island's high-tech

products.

An air of caution still hangs over markets though. Financial

conditions are the tightest this year, according to Goldman

Sachs's financial conditions indices, driven almost entirely by

rising long and short rates.

The question now is how much higher will bond yields go? The

two- and 10-year U.S. Treasury yields have both risen almost 100

basis points from recent lows, with the two-year yield nudging

what many investors will consider an attractive and natural

buying point of 5.00%.

If yields level off, bond volatility is likely to subside,

which in turn should help cool volatility in other markets.

Implied U.S. equity volatility, which spiked to a six-month high

on Friday, posted its biggest fall in six months on Monday.

Relief, but maybe only briefly.

Here are key developments that could provide more direction

to markets on Tuesday:

- Japan flash PMIs (April)

- Singapore CPI (March)

- Taiwan Industrial production (March)

(By Jamie McGeever;)