SINGAPORE, Oct 9 Reuters Chinese shares fell on Wednesday and commodities nursed sharp losses as investors tempered enthusiasm for a Chinese economic recovery, while broader markets steadied on expectations that the U.S. economy can avoid recession and support global demand.

The New Zealand dollar fell 0.6 after the central bank cut interest rates by 50 basis points and sounded downbeat about the economic outlook, leaving the door open to more cuts.

MSCI39;s broadest index of AsiaPacific shares outside Japan was up 0.6 as Hong Kong shares rebounded about 2 after notching their heaviest fall since 2008 the day before.

Hong Kong markets tanked on Tuesday, mainland shares were knocked from highs and commodities from oil to metals slid when a news conference from China39;s National Development and Reform Commission yielded no major new stimulus details.

The Shanghai Composite and bluechip CSI300 slumped around 3 on Wednesday.

Brent crude futures , which fell 4.6 overnight, steadied at 77.79 a barrel. Iron ore found support at 106 in Singapore after a 5 slide on Tuesday.

The disappointment, while understandable, appears premature and misguided, Mizuho39;s head of macro research for Asia exJapan, Vishnu Varathan, said in a note to clients.

Fact is, it is not the NDRC39;s place to provide details on fiscal stimulus or a further monetary policy push.

Japan39;s Nikkei rose 1, with shares in convenience store Seven I Holdings leaping after Bloomberg News reported…