* Asian stock markets : https://tmsnrt.rs/2zpUAr4

* Nasdaq futures slip as Treasury yields keep rising

* China eases policy as retail data show drag from coronavirus

* U.S. earnings season looms, tech stocks vulnerable

* Brent clears 2021 top to highest since 2018

By Wayne Cole

SYDNEY, Jan 17 (Reuters) - Asian share markets were choppy on Monday as a slew of Chinese economic data confirmed the deadening effect of coronavirus restrictions on consumer spending, prompting Beijing to again ease monetary policy.

A holiday in the United States made for thin trading, but that did not stop Treasury futures from sliding further and Brent crude hitting a three-year top of $86.71 a barrel.

Worryingly for the world's second-largest economy, retail sales rose only 1.7% year-on-year in December, missing forecasts for a 3.7% rise.

Industrial output did fare better and the economy as a whole grew a little above forecasts at 4.0% in the fourth quarter.

China's central bank also surprised by cutting some key lending rates by a sizable 10 basis points.

"The cut was larger than expected, suggesting that the authorities have become more preoccupied about weakness in the economy," said Carlos Casanova, senior Asia economist at Union Bancaire Privee in Hong Kong.

"The latter (Omicron risks) will only start to be fully priced in the combined Jan-Feb data, as the most severe lockdowns started in late December."

The easing seemed to help China blue chips, which edged up 0.4% in the wake of the data.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%, while Japan's Nikkei bounced 0.8% after losing 1.2% last week

Nasdaq futures slid another 0.4%, while S&P 500 futures lost 0.2%. EUROSTOXX 50 futures edged up 0.3% and FTSE futures were flat.

The main feature of the market recently has been a rotation into value stocks and away from growth, particularly technology. The S&P 500 information technology sector, which accounts for nearly 29% of the index, has shed 5.5% this year.

With valuations still high, earnings will have to be strong to stop further losses. Overall S&P 500 earnings are expected to climb 23.1% this season, according to Refinitiv IBES, while the tech sector is seen up by 15.6%.

Companies reporting this week include Goldman Sachs, BofA, Morgan Stanley and Netflix.

The market will be spared speeches from U.S. Federal Reserve officials this week ahead of their Jan. 25-26 policy meeting, but there has been more than enough hawkish comments to see the market almost fully price in a first rate hike for March and rates of 1.0% by year end.