GLOBAL MARKETS-Asian shares advance on earnings optimism, yen slips to 4-yr low

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* Asian shares up, led by gains in Hong Kong

* Yen slips to 4-year low as risk sentiment improves

* European shares seen steady to slightly lower

* Bitcoin near all-time high

* Oil prices near multi-year peak, China coal tumbles

By Hideyuki Sano

TOKYO, Oct 20 (Reuters) – Asian shares advanced on Wednesday and U.S. long-dated bond yields edged up to a five-month high on rising optimism about the global economy and corporate earnings, while the yen slipped to a four-year low on the dollar.

European stocks are expected to trade steady to slightly lower. Euro Stoxx futures were down 0.2% and Britain’s FTSE futures was almost flat.

MSCI’s broadest index of Asia-Pacific shares outside Japan arose 0.65%, led by 1.3% gains in Hong Kong , while Japan’s Nikkei was almost flat and so were mainland Chinese shares, weighed down by more weak data on the property sector.

“Earlier this month, stagflation was the buzzword on Wall Street. But now excessive pessimism is receding,…

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