* Most Asian stock markets rebound on China export jump
* Export surge eases worries about euro zone debt impact
* MSCI ex-Japan stock index up 0.3 pct, Shanghai up 3 pct
* Euro weak, eyes on ECB for any fresh steps to ease
strains
* Investors stream into gold, sending prices to record
highs
By Sugita Katyal
SINGAPORE, June 9 (Reuters) - Most Asian stock markets
clawed back early losses on Wednesday and the euro stabilised
as news of stronger-than-expected exports from China offset
worries that Europe's debt problems will stifle demand for
Asian goods.
The Chinese numbers also sparked what looked to be a
tentative return of risk appetite in markets globally.
European stock futures <STXEc1> extended initial gains to
1.2 percent after sources told Reuters that China's exports
grew 50 percent in May from a year earlier, well above
expectations for a 32 percent rise. The official data is
scheduled to be reported on Thursday. []
Europe's FTSEurofirst 300 <> opened 0.7 percent
higher.
The MSCI ex-Japan share index <.MIAPJ0000PUS> reversed
losses to rise 0.33 percent by mid-afternoon, with Shanghai
stocks <> jumping 3 percent and Hong Kong's Hang Seng
index <> up 1.2 percent.
Japan's Nikkei <> pulled off its lows but still ended
down 1 percent at a six-month closing low as investors worried
about whether Europe can resolve its deficit problems. []
The Australian dollar rose to $0.8255 <AUD=D4> from about
$0.8210, recouping its losses on the day.
The report also helped lift the euro <EUR=> against the
dollar, taking it up to $1.1968 and erasing some of its losses.
But it remained near four-year lows and analysts said the
outlook for the single currency remains grim.
Asian markets fell in early trade on persistent concerns
that Europe's debt problems could impede or even derail a
global economic recovery, with weaker growth likely to cut into
company earnings. Fitch Ratings said on Tuesday that the UK
faced a "formidable" fiscal challenge and urged the government
to cut its deficit.
Markets were also unsettled by conflicting signals from top
U.S. Federal Reserve officials on Tuesday on the direction of
interest rates, highlighting a split within the central bank as
the U.S. economy shows signs of slowing. []
Investors were also awaiting a European Central Bank
meeting on Thursday to see if it will announce fresh steps to
ease strains from the euro zone's debt crisis. []
The ECB is expected to publish a new set of economic
forecasts for the region which are likely to signal somewhat
stronger activity, despite worries that debt problems and
government austerity measures will sharply brake growth.
"There are some who believe that the ECB may go as far as
to lower interest rates, although this view is not widely
held," said a trader for a Japanese trust bank.
"But if the ECB only offers to supply more funds and does
not meet market expectations for bold steps to help the
economy, the stock market may not react positively and that
could hurt the euro, too," he said.
Risk-averse investors have streamed into gold, sending
prices for the precious metal to a record dollar high, on fears
that the euro zone debt problems will spread.
"Markets hate uncertainty and at the moment you've got a
lot of it," said Peter Wright, a dealer at Burrell & Co in
Australia.
U.S. stocks rose up to 1.3 percent in volatile trade
overnight, but investors shied away from larger companies which
have significant exposure to Europe. []
U.S. crude oil futures prices <CLc1> rose 67 cents or 0.9
percent on Wednesday to $72.66 a barrel after industry data
showed U.S. crude inventories fell more than expected last
week. []
(Editing by Kim Coghill)
