GLOBAL MARKETS-World stocks rise towards post-Lehman levels

                                
* MSCI world equity index up 0.4 pct at 308.34
                                
 * Weaker dollar boosts commodity prices, related shares
                                
 * Euro higher; government bonds tick lower
                                
 
                                
 By Natsuko Waki
                                
 LONDON, March 30 (Reuters) - World stocks edged closer to a
17-1/2 month peak on Tuesday as a weak dollar-inspired rally in
commodities and evidence of a recovery in U.S. consumption
spurred buying in risky assets.
                                
 The dollar fell to its lowest in almost a week against a
basket of currencies, hit in part by a rising euro after Greece
managed to raise 5 billion euros from the debt market on Monday.
Oil rose above $82 a barrel while mining shares rose broadly in
Europe.
                                
 Firmer energy and mining shares also supported Wall Street,
which also took heart from data showing U.S. consumer spending
rose for a fifth straight month. Spending normally accounts for
about 70 percent of U.S. economic activity.
                                
 "Risk tolerance seems to be improving gradually, given firm
stocks and commodity prices as well as a temporary easing of
concerns about Greece," said Tomohiro Nishida, treasury
department manager at Chuo Mitsui Trust and Banking in Tokyo.
MSCI world equity index <.MIWD00000PUS> rose 0.4 percent to
its highest since early January. Just a few points more rise in
the index will bring it to levels seen just after the collapse
of Lehman Brothers in September 2008. The index, however, has
risen only 3 percent this year.
                                
 The FTSEurofirst 300 index <.FTEU3> rose a quarter point
while emerging stocks <.MSCIEF> gained 0.6 percent.
                                
 U.S. crude oil <CLc1> rose half a percent to $82.57 a
barrel. 
                                
 German government bond futures <FGBLc1> fell 11 ticks.
Although Greece managed to sell its 7-year bonds on Monday,
demand was subdued ahead of the Easter holiday in the first test
of investor appetite since last week's EU-backed debt support
deal.
                                
 Order levels on the new bond stood at around 7 billion euros
compared with more than 16 billion euros in interest shown for a
benchmark 10-year issue, whose success in early March had eased
some of the nerves over Greece's financing.
                                
 The premium investors demand for holding 10-year Greek
benchmark bonds rather than Germany's widened 6 basis points on
the day to 327 bps.
                                
 "With the support of the EU Greece was able to issue a 7-year
bond yesterday," BNP Paribas said in a note to clients, but
added that subdued demand for the bond, "following in the direct
aftermath of the agreement on an aid package for Greece, is less
than impressive and suggests that further issuing activity is
likely to be far from easy," 
                                
 "Hence, the euro's corrective rebound of the past few days
would appear fragile at best."
                                
 The dollar <.DXY> fell 0.3 percent against a basket of major
currencies while the euro rose 0.2 percent to $1.3512 <EUR=>.
                                
 The Australian dollar rose to US$0.9192 <AUD=>, helped by
higher commodity prices and growing talk of an interest rate
hike.
                                
 (Editing by Ruth Pitchford)