SINGAPORE, Oct 9 (Reuters) - Chinese shares fell on

Wednesday and commodities nursed sharp losses as investors

tempered enthusiasm for a Chinese economic recovery, while

broader markets steadied on expectations that the U.S. economy

can avoid recession and support global demand.

The New Zealand dollar fell 0.6% after the central

bank cut interest rates by 50 basis points and sounded downbeat

about the economic outlook, leaving the door open to more cuts.

MSCI's broadest index of Asia-Pacific shares outside Japan

was up 0.6% as Hong Kong shares rebounded about

2% after notching their heaviest fall since 2008 the day before.

Hong Kong markets tanked on Tuesday, mainland shares were

knocked from highs and commodities from oil to metals slid when

a news conference from China's National Development and Reform

Commission yielded no major new stimulus details.

The Shanghai Composite and blue-chip CSI300

slumped around 3% on Wednesday.

Brent crude futures, which fell 4.6% overnight,

steadied at $77.79 a barrel. Iron ore found support at $106 in

Singapore after a 5% slide on Tuesday.

"The disappointment, while understandable, appears premature

and misguided," Mizuho's head of macro research for Asia

ex-Japan, Vishnu Varathan, said in a note to clients.

"Fact is, it is not the NDRC's place to provide details on

fiscal stimulus (or a) further monetary policy push."

Japan's Nikkei rose 1%, with shares in convenience

store Seven & I Holdings ( SVNDF ) leaping after Bloomberg News

reported Canadian retailer Alimentation Couche-Tard ( ANCTF )

would raise its buyout offer.

SOFT LANDING

U.S. equity futures were broadly steady in Asia, following

solid gains in cash trade overnight as a handful of Federal

Reserve officials sounded positive about the prospects of

managing interest rate levels for a soft economic landing.

Influential New York Fed President John Williams told the

Financial Times that last week's unexpectedly strong jobs report

for September showed the economy was healthy, while falling

inflation left room for rates to be lowered over time.

Traders had dialled back expectations the Fed could again

cut rates by 50 bps in November and currently price about an 88%

chance of a 25 bp cut.

Treasuries steadied overnight following recent selling,

leaving U.S. two-year yields at 3.96% and 10-year

yields at 4.01%.

The U.S. dollar has drawn support from higher yields and

inched up to trade at $1.0968 per euro and held steady

at 148.25 yen. The Australian dollar was

marginally weaker at $0.6738 and traders assessed the Reserve

Bank of New Zealand as preparing for further cuts ahead.

At $0.6096 the kiwi was trading at a seven-week low and

testing its 200-day moving average.

"While today's meeting did not provide updated forecasts and

wasn't accompanied by a press conference, the forward guidance

in the decision statement sounded dovish, allowing the RBNZ the

flexibility to cut rates again before year-end," said IG Markets

analyst Tony Sycamore.

Minutes from the Federal Reserve's September meeting - where

U.S. rates were cut 50 bps - are due later in the session, along

with appearances from the Fed's Raphael Bostic, Lorie Logan and

Mary Daly.