SINGAPORE, Jan 14 (Reuters) - European and U.S. futures pointed to a modest bounce on Tuesday, though spiking bond yields and a strong dollar have investors wary of taking too many risks ahead of U.S. inflation data and the start of Donald Trump's second term as U.S. President.

Nasdaq 100 futures rose 0.5% in the Asia session after the index (.IXIC), opens new tab dropped in New York cash trade on Monday. S&P 500 futures were 0.3% firmer.

European futures were up 0.8% and FTSE futures were broadly steady.

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But in Asia, Japan's Nikkei (.N225), opens new tab slumped 1.8% and touched a six-week low as investors shed chip stocks and fretted about a possible Bank of Japan interest rate hike.

Bank of Japan Deputy Governor Ryozo Himino, in a speech to Japanese business leaders, left the door open to a rate hike at the conclusion of the next policy meeting on Jan. 24 .

Chipmaker stocks have been under pressure following new U.S. restrictions on exports. The exception has been in China where local manufacturers rallied in anticipation of a boost to their domestic market share and speculation of state help.

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The Shanghai Composite (.SSEC), opens new tab, up 2.5%, notched its best day since Nov. 7 and Hong Kong tech shares (.HSTECH), opens new tab rose more than 3%.

Elsewhere, rates have been front of mind for investors since an unambiguously strong U.S. payrolls report sent up yields and decreased the odds of Federal Reserve interest rate cuts.

All eyes are on U.S. inflation data due on Wednesday. Any rise in the core figure greater than the forecast 0.2% would threaten to close the door on easing altogether.

Stocks finished mostly higher Monday with the S&P 500 bouncing off a two-month low as U.S. Treasury yields stayed elevated with investors dialing back expectations on the pace of interest rate cuts from the Federal Reserve.00:0202:03

"It'll be touch and go for the next couple of days until we get the inflation news out of the way," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"The Fed has become more hawkish at this time," and investors are considering the possibility that the U.S. may have seen the end of rate cuts for now, he said.

Benchmark 10-year yields steadied at 4.76% after hitting 4.805% in New York trade, the highest since early November 2023. Markets are pricing just 29 basis points of cuts from the Fed this year.