Traders await US inflation test, China revives stocks rally
Investors wait on details of China stimulus measures
Focus on Saturday's briefing on fiscal policy moves
Dollar at two-month high ahead of U.S. inflation data
Traders have backed down from expectations of steep rate cuts
French budget provides European focus for later in the day
Updates prices at 1130 GMT
By Alun John and Ankur Banerjee
LONDON/SINGAPORE, Oct 10 (Reuters) -European shares failed on Thursday to follow overnight gains in the U.S. and China, while the U.S. benchmark 10-year Treasury yield was at its highest in over two months ahead of importantinflation data.
Europe's broad Stoxx 600 index .STOXX was down 0.17%on the day, and the German 10-yearbund yield, the euro zone benchmark, nudged up to 2.28%, a five-week high, but the earlymarket focus was ongains in China, spurred by hopes that a briefing this weekend will deliver anticipated fiscal stimulus.
U.S. CPI numbers are dueat 1230 GMT. "At stake is whether we get one or two more Fed cuts this year, or even none at all," said Kenneth Broux, head of corporate research FX and rates at Societe Generale.
He said the re-acceleration of U.S. growth in the third quarter - the Atlanta Fed's GDP 'nowcast' estimate is 3.2% - and the tightening of the labour market in September "suggest disinflation may be stalling".
A "punchy" core reading "could cause a second wobble in the bond market", said Broux.
Economists polled by Reuters see U.S.core inflation holding steady at a 3.2% year-on-year clip, and 0.2% month on month.
The U.S. 10-yearyield was up 3 basis pointsat 4.009%, its highest since late July. It has jumped 24 bps in the past week, largely on the back of a Friday's much hotter than expected payrolls data. US10YT=RR US/
That, in turn has helped the dollar to its strongest in several weeksagainst all of theeuro, yen and pound. EUR=EBS, JPY=EBS, GBP=D3 FRX/
U.S. share futures were down around 0.2%<ESc1>on Thursday after the S&P 500 .SPX and the Dow .DJI had both closed at record highs on Wednesday. .N
In Europe, the new Frenchgovernment was set todeliver its 2025 budget late on Thursday with plans for 60 billion euros' ($66 billion) worth of tax hikes and spending cuts to tackle a spiralling fiscal deficit.
The now closely watched spread between French and German government bonds, a gauge of how much premium investors demand for holding French debt, was steady at 76 bps. FR10DE10=RR GVD/EUR
Its recent highs have beenabove 80, but it had stoodaround 50 bps before President EmmanuelMacron called aparliamentary election in June.
CHINA
Chinesemainland shares got a lift early in the Asia session as China's central bank kicked off its 500 billion yuan facility to spur capital markets, a plan it announced inlate September as part of a series of stimulus measures.
China's blue-chip CSI300 index .CSI300 failed to hold all those gains and closed up just over 1%, after the previous day's 7% fall, which had beentriggered by investor concern about the lack of details in the stimulus package. .SS
Hong Kong's Hang Seng .HSI surged over 3%, after slipping 1.3% on Wednesday, and is up 26% this year.
The market's attention is now firmly on a finance ministry press conference on Saturday that will provide details of the stimulus plan.
"We believe the consensus is expecting around 2 trillion to 3 trillion yuan in ...fiscal stimulus measures," said Richard Tang, China strategist at Julius Baer.
Tang expected additional fiscal measures in coming weeks.
In commodities, oil prices rose as investors contended with rising tensions in the Middle East and its impact on oil supply, as well as a spike in demand as a major storm barrelled into Florida.
Brent crude futures LCOc1 were 1.3%higher at $77.59a barrel, while U.S. West Texas Intermediate (WTI) futures CLc1 rose a similar amount to $74.19 a barrel. O/R
Gold was 0.2%higher at $2,613 an ounce. GOL/
World FX rates YTD http://tmsnrt.rs/2egbfVh
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Ankur Banerjee in Singapore and Alun John in London, additional reporting by Suzanne McGee in New York; Editing by Muralikumar Anantharamanam, Sam Holmes, William Maclean, Kevin Liffey
To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets For the state of play of Asian stock markets please click on: 0#.INDEXA
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