* European markets also poised for lower start
* Asia ex-Japan, Nikkei post weekly gains
* Dollar inches back ahead of November non-farm payrolls data
* Oil retreats after touching multi-month highs on OPEC pact
By Nichola Saminather
SINGAPORE, Dec 2 (Reuters) - Asian shares joined Wall Street and Europe in surrendering some recent gains on Friday, retreating on the possibility of faster-than-expected U.S. interest rate increases that boosted 10-year U.S. Treasury yields to an 18-month high overnight.
European shares were headed for a lower start, with financial spreadbetters expecting the Euro STOXX 50 index to open 0.8 percent lower, Britain's FTSE 100 to shed 0.7 percent and Germany's DAX to begin the day 0.6 percent lower.
Investors in Europe remain nervous ahead of a constitutional referendum in Italy and a presidential election in Austria this weekend.
Yields for 10-year U.S. Treasuries pulled back to 2.4357 percent on Friday, after touching an 18-month high of 2.492 percent on Thursday.
Investors will be looking to the U.S. non-farm payrolls report later in the day for further evidence of improvement in the economy, after data showed factory activity accelerating in November and construction spending at a seven-month high in October.
The strong data have boosted interest rate expectations, which have already been running high due to anticipated inflationary pressures from rising oil prices and President-elect Donald Trump's promises of fiscal stimulus.
"We've seen a super strong streak of data coming out of the U.S. and the market is starting to price, with a higher certainty, more aggressive rate hikes by the Fed," said Christopher Moltke-Leth, head of institutional client trading at Saxo Capital Markets in Singapore.
"This is a concern for stocks."
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.9 percent, and was on track to end the week 0.3 percent lower.
Japan's Nikkei, which jumped to an 11-month high on Thursday, closed down 0.5 percent on Friday, but still posted a weekly gain of 0.24 percent.
China's CSI 300 index retreated 1 percent, shrinking gains for the week to 0.2 percent. Hong Kong's Hang Seng index, Asia's biggest decliner on Friday with a 1.2 percent drop, is heading for a 0.6 percent weekly loss.
South Korean shares dropped 0.7 percent, poised for a loss of 0.2 percent for the week, after opposition parties said they would propose a motion later on Friday to impeach President Park Geun-hye over an influence-peddling scandal, with the intention of holding a vote on her impeachment on Dec. 9.