GLOBAL MARKETS-US futures bounce with earnings but bank worries weigh

SINGAPORE, April 26 (Reuters) - U.S. stock futures bounced as buybacks and earnings beats boosted tech giants in after-hours trade, although Asian shares wallowed at one-month lows on Wednesday, with investors turning nervous on the outlook for the world's two biggest economies. Nasdaq futures were up 1.4% and S&P 500 futures up 0.5% following better-than-expected profits at Microsoft and a $70 billion stock buyback at Google parent Alphabet . Both stocks rose after the bell. However, U.S. markets fell sharply overnight and MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4% in early trade as investors took stock of softening U.S. data and fresh regional bank jitters. First Republic Bank shares were sold to a record low after the bank disclosed a $100 billion plunge in deposits. A source told Reuters the bank is considering asset sales. The Wall Street Journal's "Fed whisperer" Nick Timiraos wrote an article titled "Why the banking mess isn't over," including comments from former Dallas Fed President Robert Kaplan saying bank issues have a long way to run. The S&P 500 dropped 1.6% overnight and the Nasdaq nearly 2%. Bonds rallied sharply and interest rate futures markets priced in a higher chance of Fed cuts later in the year. The U.S. dollar rose broadly against most majors, save for the safe-haven yen. "Clearly, the fear factor drove dollar gains," said analysts at Mizuho.

"The fear of contagion and the repeated mantra of isolated incidents has inevitably led to 'shy' and yield seeking deposits seeking to bank with the U.S. Treasury," they said, referring to the broad rally in bonds. Two-year Treasury yields dropped 18.7 basis points overnight and were steady at 3.9221% in Asia. Ten-year yields fell nearly 12 bps, their sharpest drop in more than a month. Yields fall when bond prices rise. Elsewhere Australian inflation eased from 33-year highs, nudging the Aussie dollar to a six-week low at $0.6612 and firming up market wagers that the central bank will keep rates on hold at its meeting next week. The euro was last at $1.0975. Gold was pinned just below $2,000 an ounce. Brent crude futures hovered at $80.98 a barrel having dropped almost 4% overnight with the risk-averse mood. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ World FX rates YTD Global asset performance Asian stock markets ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Sam Holmes)