Updates prices as of 0530 GMT

By Stella Qiu

SYDNEY, Aug 1 (Reuters) -Asian shares rallied on Thursday, tracking a huge revival in tech stocks helped by Meta and Nvidia, while prospects of imminent policy easing in the United States boosted global bonds and commodities.

The Federal Reserve held interest rates steady overnight but opened the door to a cut in September. That had traders wagering that the Bank of England might cut later in the day, with the probability of a move at 60%. 0#BOEWATCH

European futures are also set for a higher open, with EUROSTOXX 50 futures STXEc1 up 0.2% and FTSE futures FFIc1 rising 0.3%. Nasdaq futures NQc1 gained 0.9% as shares of Facebook-parent Meta Platforms META.O surged 7% after the bell on strong earnings.

The Japanese yen JPY=EBS rallied to as much as 148.48 per dollar before running into resistance.

It was last up 0.2% at 149.77, having surged 1.8% overnight after the Bank of Japan raised interest rates for the second time in 17 years and signalled more tightening to come.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.7%, after ending July mostly flat. A regional MSCI IT index .MIAPJIT00NUS jumped 2.0% and Taiwan's shares .TWII surged 1.8%.

Japan's Nikkei .N225, however, tumbled 2.7% as the sharp jump in the yen clouded the outlook for exporters. .T

Chinese blue chips .CSI300 turned 0.3% lower after a private survey showed China's manufacturing sector unexpectedly shrank in July, boding ill for economic growth momentum.

On Wall Street, tech stocks are making an extraordinary comeback after the recent sell-off. AI darling Nvidia NVDA.O rallied 13%, adding about $330 billion in stock market value on Wednesday.

Tech giants Apple AAPL.O and Amazon.com AMZN.O will report their earnings later on Thursday.

Also helping the global risk rally is dovish comments from Fed Chair Jerome Powell that policymakers had a "real discussion" about cutting at the July meeting. The central bank also said the risks to employment were now on a par with those of rising prices.

As a result markets, which have already bet on a September cut, are wagering on a 10% chance that the Fed may go for a 50 basis points easing in September. For all of 2024, they have priced in a total easing of 72 basis points.

"We've got this September cut more than fully priced in which is frankly ridiculous because there's no way they're going to start off with 50," said Rob Carnell, ING's regional head of research for Asia Pacific.

"The market has got a bit ahead of itself...With three almost fully priced by the year end, it feels like two seems about right."

Treasuries held onto most of their overnight gains. The yield on 10-year Treasuries US10YT=RR rose 3 basis points to 4.06%, having dropped 11 bps overnight to the lowest since March.

The dollar's slump against a rampant yen dragged down its broader value against a range of currencies. The dollar index =USD stood at 104.04 on Thursday against its major peers, having fallen 0.4% overnight.

In commodity markets, oil prices extended their surge overnight after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict. O/R

Brent crude futures LCOc1 rose 0.8% to $81.48 per barrel, while U.S. West Texas Intermediate crude futures CLc1 increased 0.9% to $78.61 per barrel.

They both jumped about 4% in the previous session.

Gold was steady at $2,446.68 an ounce XAU=. GOL/

Reporting by Stella Qiu and Ankur Banerjee; Editing by Stephen Coates and Miral Fahmy

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