By Rae Wee

SINGAPORE (Reuters) -Asia shares rose on Thursday, reversing a steep selloff from the previous session after better-than-expected U.S. economic data drew investors back into markets trading near record highs.

Yields on U.S. Treasuries meanwhile held overnight gains as traders further trimmed bets of a Federal Reserve rate cut next month, which in turn kept the dollar supported near a five-month peak.

Data on Wednesday showed the U.S. services sector activity increased to an eight-month high in October as new orders grew solidly, while private payrolls rose 42,000 last month, exceeding expectations.

“We actually are not too worried about the job market,” said Keiko Kondo, head of multi-asset investments for Asia at Schroders.

“Market is tight, companies are probably investin

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