EMERGING MARKETS-Most Asian stocks gain as U.S. yields ease

* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E * Nasdaq futures up over 1% * Indonesia's 10-year benchmark yield comes off a 5-mth high * Philippine peso strengthens 0.5% By Shruti Sonal March 9 (Reuters) - Most emerging Asian share markets rose on Tuesday, tracking a recovery in U.S. equity futures following a pullback in Treasury yields, while regional currencies reversed early losses as the greenback gave up most of its gains. U.S. 10-year Treasury yields edged lower after hitting a one-year high on Monday. Nasdaq futures bounced 1.1%, paring some losses from a sell-off in technology-related shares on Monday that pushed the index into correction territory. Reflecting moves in U.S. yields, Indonesia's 10-year benchmark yield came off a five-month high hit earlier in the session, while its Indian counterpart also slipped. Positive cues from U.S. Treasury Secretary Janet Yellen aided sentiment and boosted equities. Yellen said on Monday that U.S. President Joe Biden's $1.9 trillion coronavirus aid package would provide enough resources to fuel a "very strong" U.S. economic recovery. Singapore's benchmark index climbed over 1%, while India and Malaysia added about 0.5% each. South Korean shares, which shed as much as 2% earlier in the day on the back of a sell-off in technology stocks, recouped some losses to trade 0.7% lower by 0740 GMT. A slipping U.S. dollar drove a recovery in most emerging Asian currencies. Philippine peso, the worst performing currency in the region so far this year, strengthened 0.5%. Singapore dollar and the Indian rupee added 0.2% each. However, bond yields have continued to rise as investors fret over a potential rise in inflation due to a flurry of pandemic-related stimulus measures. While the U.S. Federal Reserve has downplayed the rise in yields so far, the European Central Bank will discuss on Thursday the merits of intervening. Emerging Asian bond yields have displayed strength, as investors continued to find refuge in them as well as relative stability offered by Asian junk-rated debt. "With risk of US nominal/real yields heading higher, this could pose a challenge to some central banks - notably Indonesia, to flexibly manage domestic financial conditions through its bond purchase program without undue pressure on IDR," Citi Research analysts wrote in a note. Overall FX weakness will likely be more than welcomed by the central banks of Malaysia and Thailand to ease monetary conditions, they added. Top Glove Corp Bhd, the world's largest medical gloves manufacturer, climbed nearly 5% after posting a record profit for a fourth straight quarter as continued demand for gloves globally boosted sales. Highlights: ** Thailand's 10-year government bond yields are down 11 basis points at 1.82% ** Top gainers on the Singapore STI include Hongkong Land Holdings Ltd, Comfortdelgro Corporation Ltd , Sembcorp Industries Ltd Asia stock indexes and currencies at 0810 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCK DAILY YTD % DAILY S YTD % % % Japan -0.02 -5.18 0.99 5.77 China India +0.25 -0.00 -0.14 6.82 Indones -0.28 -2.43 -0.78 3.69 ia Malaysi -0.36 -2.43 0.39 -0.56 a Philipp +0.54 -0.95 0.15 -5.22 ines S.Korea Singapo +0.20 -1.94 0.79 8.84 re Taiwan -0.31 +0.33 0.21 7.61 Thailan -0.06 -2.70 0.07 6.59 d (Reporting by Shruti Sonal in Bengaluru; Editing by Anil D'Silva)