GLOBAL MARKETS-Asian shares track Wall Street higher; China deflation risks persist

SYDNEY, Feb 8 (Reuters) – Most Asian markets tracked Wall Street higher on Thursday, but Chinese stocks were battling to sustain a rally after data raised concerns about deflationary pressures in China and suggested the economic slowdown may have further to run. Japan’s Nikkei surged 1.5%, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%, with gains in Australia and South Korea being eroded by a 0.2% fall in Hong Kong’s Hang Seng index. Shares of Alibaba fell 5.2% as its third-quarter revenues missed estimates. China’s blue-chips were up 0.4% in volatile trade, after climbing for three straight sessions to move away from five-year lows as Beijing rolled out a slew of measures to steady the market rout.…