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* Asia shares hit 13-mth high as global recovery seen
faster
* Dollar hits fresh one-year low as safe haven appeal wanes
* S.Korea rate outlook uncertain as govt, c.bank differ
* European, U.S. stock futures signal higher open
By Susan Fenton
HONG KONG, Sept 17 (Reuters) - Asian stocks hit their
highest level in 13 months on Thursday on signs the global
economic recovery could be strengthening, while the dollar slid
to a fresh one-year low as investor optimism eroded its safe
haven appeal.
Major European stocks futures <STXEc1> were up 0.6 percent,
and the euro <EUR=> climbed to a one-year high above $1.4738,
while U.S. equity futures <SPc1> were 1.7 percent higher,
pointing to early gains in overseas equities.
Shares in Japan <> rose 1.7 percent as the Bank of
Japan upgraded its view on the economy [] and a
Reuters Tankan survey showed the mood among Japanese
manufacturers this month at a one-year high. []
China shares also rallied, with Shanghai stocks jumping
more than 2 percent, as a senior Chinese government economist
said China's economy may regain double-digit annual growth in
the fourth quarter. Stronger-than-expected growth though could
also bring monetary tightening closer to the horizon.
[]
Upbeat U.S. industrial output data on Wednesday raised
hopes that the pace of the global economic recovery was
accelerating and kept up pressure on the U.S. dollar as
investors sought out riskier assets and higher-yielding
currencies.
As the dollar hit a one-year low below 76.151 <.DXY>
against a basket of currencies, the New Zealand dollar <NZD=>
reached its highest level in more than a year above $0.7157
while the Australian dollar <AUD=> hit a fresh one-year high
above $0.8751 as commodity prices gained ground.
RATE TENSION
The MSCI index of Asia Pacific stocks traded outside Japan
<.MIAPJ0000PUS> was up 1.3 percent by mid-afternoon, its
highest level since August last year.
In South Korea, authorities were spotted intervening for a
second day after the won <KRW=> hit an 11-month high at
1,204.9.
Analysts say South Korea could be the first G20 country to
tighten monetary policy, and strong sales reports from the
country's top three department stores were a further sign that
Asia's fourth-largest economy is picking up.
However, the Finance Ministry and the central bank offered
differing views on how to manage the economy, underlining
tension over the timing of an interest rate rise.
[]
That took some steam out of the stock market and the KOSPI
index <.KSII> ended up 0.7 percent. Korean December treasury
bond futures <KTBc1> meanwhile turned slightly higher after the
Ministry of Finance reaffirmed its opposition to an early exit
from economic stimulus and warned that the economy faced high
uncertainty.
"The finance minister's comments gave some relief to debt
investors while the waning strength in stock markets also
helped," said Kim Dong-whan at HI Investment & Securities.
Shares of Asian exporters were boosted by hopes that global
demand may be improving with Japanese car maker Toyota Motor
<7203.T> gaining 1.9 percent and electronics giant Sony Corp
<6758.T> sprinting 2.4 percent. South Korea's Hynix
Semiconductor <000660.KS>, the world's No. 2 memory chip maker,
saw its share price advance 0.7 percent.
Gold rose to $1,023 an ounce, its highest level since March
2008, as the dollar fell and shares of gold miners were in
demand, with Australia's Newcrest Mining <NCM.AX> rising 0.8
percent.
"Commodities are looking good again," said Martin Angel, a
dealer at Patersons Securities.
"A lot of people are suggesting (gold) is a hedge against
inflation, so a lot of people are looking around for gold
stocks."
The oil price steadied above $72 a barrel and was
underpinned by data showing a much sharper-than-expected drop
in U.S. crude oil stockpiles last week.
Shares of Australian resources generally were boosted by
optimism that global growth could be faster than forecast.
Top miners BHP Billiton <BHP.AX> and Rio Tinto <RIO.AX>
jumped 1.5 percent and 2.2 percent respectively, while
Australia's biggest independent oil and gas group, Woodside
Petroleum <WPL.AX>, advanced 1.5 percent.
(Additional reporting by Yoo Choonsik in Seoul and Sonali Paul
in Melbourne, Editing by Dean Yates)
