Tech stocks bask in Apple glow, Dow eyeing 22,000LONDON (Reuters) – Asian technology stocks hit 17-year peaks and Wall Street’s Dow index looked set to break 22,000 points on Wall Street later, as blockbuster earnings from Apple rippled out to component makers globally. Shares in the world’s most valuable company surged 6 percent after-hours to a record of more than $159, taking its market capitalization above $830 billion. That should help carry the Dow through the 22,000 mark when trading resumes in New York. E-Mini futures for the Dow were up 0.2 percent, though Europe started flat as disappointing results from Societe Generale and Commerzbank weighed on the region’s bank stocks. The U.S.-based tech giant reported better-than-expected iPhone sales, revenue and earnings per share and signaled its upcoming 10th-anniversary phone is on schedule. It helped dispel one of the few nagging doubts of the corporate earnings season so far – that Amazon’s lackluster results last week might have revealed some tiredness among the giant U.S. tech and internet stocks that have been driving the stock market rally all year. “It is all about Apple,” said Naeem Aslam chief market analyst at Think Markets. “The firm comfortably topped its forecast and produced stellar numbers for its revenue and profit.” Among Asia’s Apple suppliers, LG Innnotek jumped 10 percent and SK Hynix, the world’s second-biggest memory chip maker, rose 3.8 percent. Murata Manufacturing firmed 4.9 percent and Taiyo Yuden 4.4 percent, helping the Nikkei up 0.47 percent. The MSCI tech index for Asia climbed 0.9 percent to ground not trod since early 2000, bringing its gains for the year to a heady 40 percent. Those gains balanced losses in basic materials and energy to leave MSCI’s broadest index of Asia-Pacific shares outside Japan steady near its highest since late 2007. There was a note of caution over reports that U.S. President Donald Trump was close to a decision on how to respond to what he considers China’s unfair trade practices. Tepid U.S. inflation along with political turmoil in Washington has lessened the risk of another Federal Reserve rate hike this year, lowering bond yields across the globe. Improving data in other major economies has also served to push the greenback down nearly 11 percent from January peaks, benefiting commodities and emerging markets. A swathe of manufacturing surveys (PMIs) out on Tuesday underlined how the improvement in activity had broadened out from the United States to Asia and Europe. Ebullient Mood Alan Ruskin, head of G10 forex at Deutsche, noted the top five PMIs were all Northern European economies and every index in Europe was in expansionary territory above 50. “That will do nothing to hurt ebullient global risk appetite,” said Ruskin. “This phase of the risk rally is based on growth data, but even more on subdued inflation measures.” “The latter plays to a gradual Central Bank exit from extreme policy accommodation that should prolong the global growth cycle.” MSCI’s gauge of stocks across the globe has scored its longest monthly winning streak in over a decade. In currency markets, the dollar steadied above deep lows though thanks mainly to positioning – bears are already so short of the currency that they are wary of selling even more. The dollar index was stuck at 93.052, after touching 92.777, the lowest since early May 2016. It was aided by gains on a softer yen which saw it creep to 110.80. Yet the euro also benefited from buying against the yen, reaching its highest since February last year. It edged up 0.2 percent on the dollar to $1.1827 and back toward the 2-1/2-year high of $1.1845 struck on Monday. Euro zone producer price moves for June are due out at 0900 GMT and are likely to feed the debate on how soon the European Central Bank will start winding down its more than 2-trillion-euro stimulus program. “The ECB is going to be the central bank to watch for the rest of the year,” said JP Morgan Asset Management global market strategist Alex Dryden. “We think they are going to take 9-12 months to get out of the market but that is a big question … it could even be six months,” he added. Though bond markets were largely quiet, the premiums investors demand to hold South European government debt over the German equivalent were close to their lowest levels in weeks. Oil prices were under pressure again though amid rising U.S. fuel inventories and as major world producers kept pumping, causing investors to worry that several weeks of steady gains had pushed the rally too far. Brent crude eased 34 cents to $51.44 a barrel, while U.S. crude lost 36 cents to $48.80. Additional reporting by Wayne Cole in Sydney; Editing by Andrew HeavensLONDON (Reuters) – Asian technology stocks hit 17-year peaks and Wall Street’s Dow index looked set to break 22,000 points on Wall Street later, as blockbuster earnings from Apple rippled out to component makers globally.