* MSCI Asia-Pacific index down 0.3 pct, Nikkei up 0.7 pct
* Spreadbetters expect European stocks to open slightly lower
* Dollar/yen hits 3-mth high as U.S. yields reach 5-mth peak
* Surge in UK, euro zone bond yields also impact Treasuries
* US GDP awaited after Thursday's upbeat data
By Shinichi Saoshiro
TOKYO, Oct 28 (Reuters) - Stocks sagged on Friday as global bond yields surged and pulled the dollar to three-month highs versus the yen, after the latest batch of U.S. data increased chances for a near-term interest rate hike by the Federal Reserve.
Upbeat U.S. data including jobless claims, manufacturing activity and pending home sales strengthened the case for the Fed to raise rates by the year-end and lifted Treasury yields that had already risen in the wake of a surge in British and euro zone yields.
The markets' focus was now turned toward third quarter U.S. gross domestic product data due out later in the global session.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, pressured by the prospect of easy money flows being crimped should the Fed tighten policy soon.
South Korea's Kospi shed 0.3 percent and Australian stocks fell 0.2 percent. Hong Kong's Hang Seng lost 0.4 percent while Japan's Nikkei gained 0.7 percent on a weaker yen.
Spreadbetters expected European stocks to track their Asian counterparts, forecasting a slightly lower open for Britain's FTSE, Germany's DAX and France's CAC.
Boosted by the spike in Treasury yields, the dollar scaled a three-month peak of 105.370 yen.
"105 (yen) was both a psychological and technical point, and it broke ahead of U.S. GDP later today," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo.
"Some people did not want to be short ahead of that, also with the Bank of Japan and Fed meetings next week, and U.S. nonfarm payrolls data one week from today."
In a week marked by deep slides in prices of U.S. and euro zone debt, the benchmark 10-year Treasury yield climbed to a five-month high well above 1.8 percent, helped along by the surging British Gilt and German bund yields.
A sell-off in Gilts had led the way on Thursday as strong third quarter U.K. growth data doused expectations for monetary easing by the Bank of England.
The 10-year Gilt yield has risen about 20 basis points this week, its highest in four months.
The German 10-year bund yield on Thursday soared 10 basis points to 0.19 percent, its highest since late May.
The bund yield plumbed a record low minus 0.20 percent in July under the European Central Bank's extensive monetary easing. But it has recently risen amid concerns that ultra-easy policies practiced by the major central banks could have their limits and may not be continued indefinitely.