* MSCI world equity index up 0.6 pct at 244.09
* Oil hits 2009 peak above $63/bbl
* Yen, government bonds fall
By Natsuko Waki
LONDON, May 27 (Reuters) - World stocks rose and oil prices
hit a 2009 high on Wednesday, while the yen fell after improving
consumer confidence in the United States and Europe boosted
expectations the global economy is starting to recover.
Wall Street rallied on Tuesday after data showed U.S.
consumer confidence posted its biggest monthly jump in six
years.
Figures on Wednesday showed Japanese exports rose for a
second month in April while consumer morale in France and Sweden
improved.
Economic data, action by central banks around the world to
inject liquidity and massive government stimulus packages are
boosting expectations that the global economy is gradually
coming out from its worst downturn since the 1930s.
U.S. existing home sales data at 1500 GMT will provide the
next focus on that front.
"Any signs of stabilisation in the housing market will be
seen very positively by investors," Christian Jimenez, president
of Imene Investment partners in Paris, said.
"But overall, the rally remains fragile, and we could see a
selloff when people realise how damaging for the U.S. economy is
GM's bankruptcy, and when financial institutions start to unveil
losses from credit card operations, which could become the next
big writedown wave."
General Motors Corp <GM.N> has failed to persuade enough
bondholders to accept a debt-for-equity swap, setting the stage
for the largest-ever U.S. industrial bankruptcy within days.
The MSCI world equity index <.MIWD00000PUS> rose half a
percent, edging towards a six-month peak set last week.
The FTSEurofirst 300 index <> rose 0.6 percent, led by
banking shares, including Societe Generale <SOGN.PA>, HSBC
<HSBA.L> and Barclays <BARC.L>.
Other analysts say a push towards new high for world stocks
requires more economic data to improve and back up optimism for
a recovering economy.
"We believe it is important to remember that less bad
economic news is not the same as actual good news," said Bob
Doll, vice chairman and global chief investment officer of
equities at BlackRock, in a note to clients.
"As such, we believe the rally that started in early March
may have run out of steam and that a resumption of the rally
will require more solid evidence of an economic recovery."
Emerging stocks <.MSCIEF> rose 2.1 percent.
U.S. crude oil <CLc1> rose as high as $63.18 a barrel, its
highest since November, as signs of an economic recovery boosted
expectations oil demand would rebound. Oil prices are now almost
double the four-year low of around $33 hit in December.
The June Bund future <FGBLc1> fell 38 ticks.
The low-yielding yen fell a third percent to 95.32 per
dollar <JPY=> while it hit a six-month low of 152.85 per
sterling <GBP=>.
The dollar <.DXY> rose 0.1 percent against a basket of major
currencies, having hit a 4-1/2 month low last week.
(Additional reporting by Blaise Robinson, editing by Mike
Peacock)
