GLOBAL MARKETS-U.S. stock futures gain on Citigroup rescue

                                
 * Asian shares cut losses on Citigroup rescue plan
                                
 * Yen holds gains amid concerns about financial sector
                                
 * U.S. futures gain, European stocks seen opening higher
                                
 By Rafael Nam
                                
 HONG KONG, Nov 24 (Reuters) - Asian shares cut losses on
Monday and U.S. stock futures gained after the U.S. government
agreed to a $306 billion rescue plan for Citigroup <C.N>,
easing concerns about the U.S. bank's survival.
                                
 But so-called safe-haven assets such as the yen held on to
gains, as the package to prop up Citigroup was seen as unlikely
to ease all concerns about the broader financial sector, while
concerns over the global economy are likely to remain.
                                
 Though reports that U.S. New York Federal Reserve President
Timothy Geithner will be nominated as the new U.S. Treasury
Secretary boosted Wall Street on Friday, it failed to have much
of an impact in Asia, which had already ended last week higher
as investors thought recent falls to five-year lows were
excessive.
                                
 "The reaction so far has been relatively muted because
maybe there are as many questions about this as there are
answers in terms of saving and stabilising Citigroup," said
Tony Morriss, a senior currency strategist at ANZ Bank in
Sydney.
                                
 European stocks were expected to open sharply higher, with
financial bookmakers calling the FTSE 100 <.FTSE>, CAC-40
<.FCHI> and DAX <.GDAXI> up around 4-5 percent.
                                
 The MSCI index of Asia-Pacific stocks excluding Japan
<.MIAPJ0000PUS> momentarily posted small gains immediately
after the U.S. announcement on Citigroup but traded flat by
0530 GMT. The index had dropped as much as 1.7 percent in early
trade.
                                
 Shares in Australia <.AXJO> and India <.BSESN> managed
gains, while indexes elsewhere from South Korea <.KS11> to
Taiwan <.TWII> cut losses but remained in the red.
                                
 U.S. stock futures rose on the other hand. The S&P 500
December 500 futures <SPc1> was up 1.8 percent while the Dow
Jones futures index <DJc1> rose 0.9 percent.
                                
 The U.S. Treasury Department announced in the middle of the
Asian trading day on Monday that it was investing $27 billion
in Citigroup <C.N> in exchange for preferred shares as one of a
series of actions to help the beleaguered bank.
                                
 Still, Asian bank shares such as South Korea's KB Financial
Group <105560.KS> and Commonwealth Bank of Australia <CBA.AX>.
remained lower, given continued concerns about how much capital
the broader financial sector will need.
                                
 Asia-focused Standard Chartered <STAN.L> is likely to
announce later on Monday it plans to raise about $3 billion
through a rights issue, a source told Reuters. [ID:nSIN94391]
                                
 Elsewhere, the yen remained well-bid, with the dollar
trading at 95.46 yen <JPY=> versus the 94.94 quote in late
trade in New York on Friday.
                                
 But trading in foreign exchange and debt markets were quiet
given Japanese markets are closed on Monday for a public
holiday.