GLOBAL MARKETS-Asia stocks hit 1-month high, Europe gains

* Asia stocks up 1.2 percent on global growth hopes

* U.S. dollar vulnerable near 15-year low on yen

* Gold, government bonds ease

By Koh Gui Qing

SYDNEY, Sept 6 (BestGrowthStock) – Asian stocks touched one-month
highs on Monday and European bourses extended last week’s
rally, as investors bet a recent run of better-than-expected
economic data meant the world was not going to slide back into
recession.

The FTSEurofirst 300 (.FTEU3: ) of top European shares rose
0.4 percent in early trade, as did Germany’s DAX (.GDAXI: ),
while Britain’s FTSE 100 (.FTSE: ) and France’s CAC 40 (FCHI: )
both gained 0.5 percent. [.L]

The improved market mood came after Friday’s U.S. jobs data
was not as bad as some had feared, allaying worries about a
second recession in the world’s biggest economy.
[ID:nN02227856]

Some said a 1.3 percent jump in the S&P 500 (.SPX: ) on
Friday also helped to brighten the mood. U.S. markets were
closed for a holiday on Monday.

“There was nothing to scare the equity market into its
usual September submission, and the performance of the S&P at
the end of last week was encouraging,” said Sean Keane, an
analyst at Triple T Consulting in New Zealand.

As always, hopes for steady growth aided growth-sensitive
stocks and commodities, at the expense of safe-havens such as
gold and government bonds.

The MSCI Asia stock index outside Japan (.MIAPJ000PUS: )
jumped 1.2 percent. In a nod to hopes for firm growth
prospects, the sub-index for non-essential consumer goods
(.MIAPJCD00PUS: ) fared the best with a 1.4 percent climb.

Japan was Asia’s best performer, with the Nikkei (.N225: )
climbing 2.1 percent and the broader Topix (.TOPX: ) rising 1.8
percent. Traders said buying had gained momentum after the
Nikkei broke above its 25-day moving average. [.T]

Growth-sensitive exporters led the rise. Kyocera Corp
(6971.T: ) climbed 2 percent; TDK Corp (6762.T: ) added 2.4
percent, and Tokyo Electron Ltd (8035.T: ) rose 1.9 percent.

Copper, a popular gauge for the state of industrial
activity, was firm with London prices near four-month peaks.
[MET/L]

The preference for risk — for now — took the shine off
the U.S. dollar’s (.DXY: ) safe-haven appeal. It flitted near a
15-year low on the yen (JPY=: ), held back by in the interim by
investor wariness of possible intervention from Tokyo. [USD/]

Equally, Japanese government bond yields also hit an
eight-week low, [JP/] while most U.S. Treasury two- to 10-year
note futures edged lower. (0#TU:: ) (0#FV:: ) (0#TB:: )

Gold, another traditional haven, was steady [GOL/], while
oil, which tends to benefit when the growth outlook improves,
was an anomaly.

It fell towards $74 a barrel as peak gasoline use in the
United States, a top consumer, waned with the end of the summer
driving season. [O/R]

STILL CAUTIOUS ON EQUITIES

But some analysts warned the market was not ready to dive
into risky assets just yet.

The latest data from EPFR Global showed investors still had
U.S. growth doubts firmly on their mind as they continued to
pull money from stocks in favour of bonds.

Equity portfolios across regions suffered, but those in the
United States were the worse hit. [ID:nN03112081]

Even in Asia, price performance showed the region’s stock
market has had a rough ride.

The MSCI Asia ex-Japan index is flat for the year, with
just a 0.8 percent gain. The Shanghai Composite index (.SSEC: ),
which resides in the world’s growth engine, has struggled with
a near 18 percent drop since January.

In contrast, two-year U.S. Treasury yields hit a record low
last month, while Indonesian bonds have awarded investors
handsome dollar-adjusted returns of over 20 percent for the
year.
(Editing by Alex Richardson)

GLOBAL MARKETS-Asia stocks hit 1-month high, Europe gains