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* Commodities, Apple results boost shares across the board
* Oil tops $80, gold nears record high on weak US dollar
* FX carry trade stages formidable comeback
By Kevin Plumberg
HONG KONG, Oct 20 (Reuters) - Global stocks extended gains
to a one-year high on Tuesday, up 75 percent from a crisis low
after strong sales numbers from Apple Inc suggested U.S.
consumption is returning.
However, major European stock markets could succumb to
profit taking, with financial bookmakers' expecting Britain's
FTSE 100, Germany's DAX and France's CAC-40 to open either
slightly higher or lower.
The weak dollar supported commodity prices, with oil
briefly topping $80 a barrel for the first time in a year, up
for a ninth day, and gold near a record high, as the dollar
remained under pressure from investors searching for higher
returns elsewhwere.
Portfolio flows into emerging market assets have been
torrential, leading Brazil to slap a 2 percent tax on foreign
investment in domestic stocks and bonds to try to cool its real
currency, which has surged 36 percent this year.
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In stock markets, Japan's Nikkei share average <> rose
0.9 percent, supported largely by technology stocks.
"These (U.S.) results are inevitably providing a bit of a
boost, particularly for parts suppliers and chip makers, while
a whole range of China-linked shares are also doing well," said
Koichi Ogawa, chief portfolio manager at Daiwa SB Investments
in Tokyo.
Shares of Komatsu Ltd <6301.T>, the world's second-biggest
maker of construction equipment, rose 2 percent after a report
the company had made 10 billion yen in operating profit for the
July-September quarter on demand from China and other
developing markets.
The benchmark MSCI index of Asia-Pacific shares outside
Japan <.MIAPJ0000PUS> rose 0.9 percent to the highest in 14
months. The materials and financial sectors led the charge. The
Thomson-Reuters index of regional shares <.TRXFLDAXPU> was up
0.95 percent.
The MSCI index of global shares <.MIWD00000PUS> edged up
0.3 percent based on Asia's gains and was at the highest since
Sept. 29.
U.S. stock futures <SPc1> rose 0.3 percent after profits at
Apple Inc <AAPL.O>, released after the closing bell, exceeded
market forecasts on record quarterly sales of iPhones and Macs.
[]
Shares of Apple jumped 7.5 percent in after-hours trading
to a record high. During the regular session, U.S. stocks
gained about 1 percent to 12-month highs as investors cheered a
wave of solid quarterly earnings. []
BETTER EARNINGS, BETTER SENTIMENT
Investors have been anxiously waiting for the earnings
season for signs that consumer demand is improving, which would
reinforce the chances of a sustainable global economic recovery
and give new legs to a seven-month equity rally which has been
showing signs of flagging.
Dariusz Kowalczyk, chief investment strategist with SJS
Markets in Hong Kong, said in a note that the eight companies
in the S&P 500 that reported results on Monday topped consensus
by an average 15 percent.
The ICE Futures U.S. dollar index, a gauge of its
performance against six major currencies, fell as far as 75.12
<.DXY>, its lowest since August last year.
The euro was nearly unchanged on the day at $1.4975 <EUR=>,
meeting some selling pressure by dealers protecting positions
at the round figure of $1.50.
Minutes from a Reserve Bank of Australia policy meeting
earlier this month pointed to more interest rate increases
ahead and said the stronger Australian dollar was a sign of
improving sentiment that would help contain inflation.
"There are no warning signs for AUD bulls," said Patrick
Bennett, Asia foreign exchange and rates strategist with
Societe Generale in Hong Kong, in a note.
The Australian dollar briefly rose above US$0.93 to the
highest in 14 months before easing to $0.9280 <AUD=>, about
even on the day.
Gold firmed on dollar weakness, climbing 0.3 percent to
$1,065.50 an ounce <XAU=> in the spot market, just shy of a
record $1,070.40 hit last week.
U.S. crude for November delivery <CLc1> rose 0.3 percent to
$79.86 a barrel after earlier hitting $80.05 a barrel <CLc1>,
its strongest since Oct 14, underpinned by the ailing dollar,
global recovery hopes and bullishness in equity markets.
"I think we will continue higher as we move further into
the fourth quarter. Investors think equity earnings are a good
guide for the economic outlook so the better-than-expected
reporting season is supporting," ANZ's senior commodities
analyst Mark Pervan said.
(Additional reporting by Elaine Lies in TOKYO and Nick
Trevethan in SINGAPORE; Editing by Tomasz Janowski)
