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Chinese officials hold briefing Friday after week-long

meeting

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Treasury yields sag as Fed signals careful, patient easing

path

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Global stocks hit all-time high after records on Wall

Street

(Updates prices at 0552 GMT)

By Kevin Buckland

TOKYO, Nov 8 (Reuters) - Asian stocks pared early gains

on Friday as investors cautiously turned their focus to stimulus

announcements from China later in the day with Beijing's

week-long legislative meeting drawing to a close.

Regional equities had started the day by tracking Wall

Street's overnight rise to record highs, with investors

digesting the Federal Reserve's message for careful interest

rate cuts even with expectations for big fiscal spending under

incoming President Donald Trump.

U.S. Treasury yields pushed to new lows in Asian hours,

keeping the dollar under pressure after its biggest decline

versus major peers in more than six weeks on Thursday.

An MSCI gauge of Asia-Pacific stocks was up

0.33% as of 0552 GMT, after earlier rising as much as 0.78%.

The index remained on track for a 2.7% rally this week,

after quickly recovering from a knee-jerk dip on U.S. election

night, which spurred worries of debilitating trade tariffs, not

least in China.

Optimism for a stimulus response from Beijing kept Chinese

stocks buoyed over the course of the week, including a 3% rally

for mainland blue chips on Thursday.

Blue chips were last down 0.5%, reversing gains of

as much as 1.3% from earlier. Hong Kong's Hang Seng

declined 0.6%.

The National People's Congress Standing Committee meeting

concludes on Friday with officials due to hold a briefing.

Sources previously told Reuters that Chinese fiscal spending

could be increased in the event of a second Trump presidency.

However, DBS's China economist Tao Wang doesn't expect the

announcement of a full stimulus package at the briefing, as

Chinese leaders need time to assess the timing and impact of any

U.S. policies on the country, according to a client note.

DBS's China equity strategist James Wang said Chinese stocks

are "skewed to the downside in the near term, and the market is

not fully pricing in a 60% tariff implication", the note said.

Japan's Nikkei added 0.6%, up 4.1% for the week.

Australia's stock benchmark climbed 0.8%, and

Taiwan's benchmark gained 0.6%. South Korea's Kospi

slipped 0.2%.

Futures for Britain's FTSE and Germany's DAX

were each up about 0.2%. The FTSE lost 0.32% on Thursday

after the Bank of England signalled the risk of higher

inflation.

Global stocks, led by Wall Street, are on

course for a 3.3% weekly advance, and stand at a record high.

Trump swept back to the White House on Tuesday with

Republicans taking back the Senate and potentially increasing

their House majority, although votes are still being counted.

The outcome defied polls that predicted a neck-and-neck race

with Democrat Kamala Harris.

Investor expectations that Trump would lower corporate taxes

and loosen regulations sent all three major Wall Street indexes

to record peaks on Wednesday, and the S&P 500 and Nasdaq

extended those highs on Thursday, with Fed Chair Jerome

Powell signalling continued, patient policy easing. The Dow

ended flat.

Powell said Tuesday's election, which will put in the White

House a president who has pledged widespread deportation of

immigrants, broad-based tariffs and tax cuts, would have no

"near-term" impact on U.S. monetary policy.

U.S. two-year Treasury yields, which are highly

sensitive to monetary policy expectations, edged down to 4.2016%

on Friday, compared with a more than three-month high of 4.3120%

on Wednesday.

The dollar index, which measures the currency against

six major peers, ticked up slightly to 104.53, but that followed

a 0.7% drop on Thursday, its biggest since Aug. 23. On

Wednesday, it soared 1.53%, the most in over two years.

"Markets have already gone through the 'honeymoon period'

for the president-elect, and USD and U.S. rates now are in the

'window period', when they consider the policy outlook," said

Shoki Omori, chief Japan desk strategist at Mizuho Securities.

"The key is whether the president-elect and his team want

more fiscal issuance next year," and market participants will

again need to be alert for potentially market-moving posts from

Trump on social media, Omori said.

Bitcoin was flat at around $76,000, following a

nearly 10% surge this week, hitting a record peak of $76,980 on

Thursday. Trump has vowed to make the United States "the crypto

capital of the planet".

Gold struggled to make any additional headway

following its rollercoaster week, easing 0.6% to $2,691 in the

latest session. It slumped more than 3% on Wednesday, but

bounced 1.8% overnight. Last week it surged to an all-time high

of $2,790.15.

Oil prices declined on Friday, following gains of about 1%

overnight as the market weighed how Trump's policies would

affect supplies and as drillers cut output while bracing for

Hurricane Rafael.

Brent crude oil futures were last down 0.53% at

$75.23 a barrel, while U.S. West Texas Intermediate (WTI) crude

eased 0.65% to $71.89.