* U.S. stock futures down 0.5 pct, mainland China shares tumble
* Dollar index near 3-week high after solid U.S. data
* Futures pricing over 50 pct chance of Fed rate hike this year
* Yen looks set to gain most since Oct 2008
* European shares seen falling up to 0.5 pct
By Hideyuki Sano
TOKYO, Feb 29 (Reuters) - Asian stocks retreated on Monday after a weekend meeting of G20 policymakers ended with no new coordinated action to spur global growth and as solid U.S. data revived expectation of the Federal Reserve further raising rates before year-end.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.6 percent and appeared likely to post its second consecutive month of losses, with a 1.2 percent drop so far this month.
Japan's Nikkei failed to maintain early gains, falling 1.0 percent to post a monthly decline of 8.5 percent, the biggest since May 2012, while U.S. stock futures fell 0.6 percent in early Asian trade.
European shares are expected to follow Asia's lead, with spread betters looking to a fall of up to 0.5 percent each in Germany's DAX and France's CAC.
Mainland Chinese shares fell sharply with the bluechip CSI 300 Index tumbling 3.6 percent, hitting 15-month lows.
Disappointing earnings results released over the weekend, the lack of concrete measures from the group of 20 economies and political implications from the latest cyberspace crackdown by Beijing were all cited as a culprit.
G20 finance ministers and central bankers agreed to use "all policy tools - monetary, fiscal and structural - individually and collectively" to reach the group's economic goals, citing a series of risks to world growth.
While some market players say the statement could mildly underpin market sentiment, the lack of any concrete action - especially on fiscal stimulus as some had speculated - was seen as a disappointment.
A pledge in the statement to "consult closely" on foreign exchange markets was also seen by some market players as hindering a few countries from adopting flexible policy actions.
"The G20 communique basically says 1) the world is not as bad a place as markets think; and 2) if it gets worse we will use fiscal, monetary and structural policy aggressively to fix it," Steven Englander, global head of G10 FX Strategy at CitiFX, said in a note to clients.
"In baseball parlance, they were aiming for a single in terms of restoring confidence and they probably achieved it," he added.
On the other hand, fresh U.S. economic data published on Friday revived expectations of Federal Reserve rate increases, helping to lift U.S. bond yields and the dollar.