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Tech shares lead rally amid strong U.S. corporate earnings

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Euro buoyed by Trump saying he could meet Putin soon

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Sterling steady ahead of Bank of England policy decision

By Kevin Buckland

TOKYO, Aug 7 (Reuters) - Asian equities rose on

Thursday, with Japanese shares hitting a record high, as

tech-led gains on Wall Street, upbeat earnings and growing

expectations for U.S. rate cuts boosted sentiment.

The prospect of a meeting between U.S. President Donald

Trump and Russian President Vladimir Putin over the war in

Ukraine also underpinned sentiment, benefitting the euro, while

weighing on oil prices as traders gauged the outlook for

sanctions on Moscow.

Sterling held its ground at a one-week high going into the

Bank of England's policy announcement later in the day, with a

quarter-point cut widely expected, and the focus falling on a

possible three-way split within the board.

At the same time, markets largely shook off Trump's latest

tariff threats, including an additional 25% tariff on India over

purchases of Russian oil and a threatened 100% duty on chips.

Japan's broad Topix index rose 0.9% to reach an

all-time high, with the more tech-focused Nikkei also

gaining by about the same margin.

Taiwan's stock benchmark surged 2.3% to a more than

one-year peak. South Korea's KOSPI added 0.6%.

Hong Kong's Hang Seng rose 0.4%, and mainland Chinese

blue chips advanced 0.3%.

Australian shares edged slightly lower after hitting

a record high on Wednesday.

U.S. stock futures were buoyant, with those for the S&P 500

up 0.3% and those for the Nasdaq also rising

0.3%. On Wednesday, the S&P 500 climbed 0.7% and the

Nasdaq Composite jumped 1.2%.

"Wall Street seems to have gotten its mojo back,"

Capital.com analyst Kyle Rodda wrote in a note.

"However, there are persistent risks to the downside.

Downside surprises in official data are increasing," he said.

"Valuations are also stretched, with forward price to

earnings hovering around the highest in four years. And trade

uncertainty persists."

The U.S. dollar remained lower against major peers on

Thursday, with expectations of easier policy from the Federal

Reserve stoked both by some disappointing macroeconomic

indicators - not least Friday's payrolls report - and Trump's

move to install new picks on the Fed board that are likely to

share the U.S. President's dovish views on monetary policy.

Focus is centring on Trump's nomination to fill a coming

vacancy on the Fed's Board of Governors and candidates for the

next chair of the central bank, with current Chair Jerome

Powell's tenure due to end in May.

The dollar index, which gauges the currency against

the euro, sterling and four other counterparts, gained slightly

to 98.245, after dropping 0.6% on Wednesday.

The euro was little changed at $1.1657, following

the previous session's 0.7% jump.

Sterling was steady at $1.3356.

The BoE looks poised to cut interest rates for the fifth

time in 12 months later on Thursday, but nagging worries about

inflation are likely to split its policymakers and cloud the

outlook for its next moves.

Two Monetary Policy Committee members may push for a

half-point rate cut, and two may lobby for no change.

The dollar added 0.1% to 147.53 yen.

Gold gained 0.4% to around $3,382 per ounce, buoyed

by the weaker dollar.

Crude oil clawed back some losses from Wednesday, when both

Brent and West Texas Intermediate slid about 1%.

Brent crude futures were last up 20 cents, or 0.3%,

at $67.09 a barrel, while U.S. West Texas Intermediate crude

gained 22 cents, or 0.3%, to $64.57 a barrel.