Nov 21 (Reuters) - A look at the day ahead in Asian

markets.

Investors hoping that

Nvidia's ( NVDA ) eagerly-awaited earnings

after the U.S. close on Wednesday would inject renewed

vigor into world markets will be disappointed, heralding the

prospect of a lukewarm open in Asia on Thursday.

Wall Street spent all day Wednesday firmly in the red before

a late rally, bond yields and the dollar were higher, and a weak

20-year U.S. Treasury bond auction was a reminder of how deep

Washington's fiscal deficit runs and the strain on investors to

fund it.

The global picture wasn't particularly reassuring either.

European stocks fell for a fourth day - their worst run in over

two months - China's yuan slipped to a three and a half month

low on the spot market, and volatility ticked higher.

Then came Nvidia ( NVDA ). The world's most valuable company reported

a beat on third-quarter earnings per share and forecast

fourth-quarter revenue slightly above estimates. But shares

immediately fell in after-hours trading by as much as 5% before

recovering, and Nikkei and Wall Street futures are pointing to a

lower open in Japan and the US on Thursday.

Is the AI darling's shine beginning to fade?

Thursday's economic calendar in Asia is relatively light,

with South Korean export, Indonesian current account and Hong

Kong inflation data the main releases.

Annual inflation in Hong Kong is seen slowing to a 1.7% pace

in October from 2.2% in September, which would mark the steepest

decline since April and heighten concern that deflationary

pressures on the Chinese mainland could be spreading.

There may be more market fireworks from Bank of Japan governor

Kazuo Ueda, who is scheduled to speak at a financial forum in

Paris. Investors and traders will be trying to determine if his

tone and signals differ from his fairly balanced remarks earlier

this week that kept the door open to a December rate hike but

also cautioned against moving too fast.

Judging by the yen's behavior recently, whatever markets

think the BOJ will do is being completely overwhelmed by renewed

hawkishness surrounding the Fed outlook.

The yen has only appreciated in one out of the last eight

trading sessions, and finds itself back below 155.00 per dollar.

It might need a notably hawkish signal from Ueda to engineer a

sustainable recovery or get September's 140.00 per dollar back

into view.

But right now, the Japanese swaps market is pointing to less

than 50 bps of BOJ tightening by the end of next year.

Meanwhile, Bitcoin is moving closer to a historic break above

$100,000, boosted by increasing confidence that President Donald

Trump's administration will be a crypto-friendly regime.

Here are key developments that could provide more direction

to markets on Thursday:

- Bank of Japan Governor Kazuo Ueda speaks in Paris

- Hong Kong inflation (October)

- South Korea exports (October)