* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Risk aversion eases on stimulus hopes
* Stocks get a boost, bond yields rebound
* Traders look to policymakers for more stimulus clues
By Stanley White
TOKYO, Aug 20 (Reuters) - Asian shares extended their gainson Tuesday as hopes for stimulus in major economies temperedanxiety about a global recession, helping boost riskier assetsand drawing money from safe-havens such as bonds and gold.
MSCI's broadest index of Asia-Pacific shares outside Japannudged up 0.04%, while Japan's Nikkeijumped 0.47%. The improved mood was helped by a rally on WallStreet overnight, with the S&P 500 gaining 1.21%
Oil futures were also down in a tentative sign that worriesabout an attack at a Saudi oil field over the weekend haveeased, but some traders were nervously monitoring an Iraniantanker at the centre of a clash between Tehran and Washington.
For now, however, investors were cheered by signspolicymakers were willing to do more to support their economiesin the grip of international trade frictions, led by thebruising Sino-U.S. tariff tussle.
The immediate focus shifts to the minutes of the U.S.Federal Reserve's last meeting due on Wednesday. Traders arealso keenly waiting on the Fed's Jackson Hole seminar and aGroup of Seven summit this weekend for clues on what additionalsteps policymakers will take to bolster growth.
Senior White House officials are discussing a temporarypayroll tax cut to boost the economy, the Washington Postreported on Monday.
Hopes for additional stimulus are rising after reports thatGermany is prepared to increase fiscal spending, and after thePeople's Bank of China took steps to lower corporate borrowingcosts.
"There are expectations for looser monetary policyeverywhere in the world, and this is cushioning the marketsagainst recent uncertain developments," said Masayuki Kichikawa,chief macro strategist at Sumitomo Mitsui Asset Management Co.
"China is prepared to do a lot for its economy. I hope tohear more about fiscal spending in Germany. Central banks haveno choice but to ease. The remaining question is what comes fromfiscal policy."
U.S. stock futures were a shade lower in Asiantrading, down 0.15%, while benchmark 10-year Treasuries yieldseased slightly to 1.5944%, and 2-year yields tradedat 1.5289%.
Markets overwhelmingly expect the Fed to cut rates again atits Sept. 17-18 policy meeting from the current 2.00%-2.25%. TheFed cut rates in July for the first time in a decade to mitigatethe effects of the U.S.-China trade row and a global slowdown.
Last week, financial markets went into a tailspin after theTreasury yield curve briefly inverted when short-term yieldstraded above those of long-term paper. Investors, who feared asteep global downturn given an inverted yield curve has presagedseveral past U.S. recessions, dumped riskier assets.
However, a bounce in yields from lows hit last week haseased some of the concerns about the global economy.
Gold, which is traditionally bought as a safe-havenduring times of uncertainty, held steady at $1,497.02 per ounceafter tumbling 1.2% on Monday, its biggest daily decline inabout a month.
The Swiss franc, another safe-haven asset, was lastquoted at 0.9810 per dollar, near a two-week low.
In the oil market, U.S. West Texas Intermediate futuresfell 0.41% to $55.98 a barrel in a sign of recedingconcern about tension in the Middle East, but some traders warnthis lull could be temporary.
Refinitiv data shows an Iranian tanker that was detained inGibraltar is now on its way to Greece, but the U.S. StateDepartment has warned that any assistance to the vessel could beconsidered as providing support to a U.S.-designated terroristorganisation.(Editing by Shri Navaratnam)