GLOBAL MARKETS-Asian stocks jump after US data

                                
 * Japan stocks rise over 3 pct to a two-week high
                                
 * Yen down as new leadership seen favouring its weakness
                                
 * European stocks seen opening firm, US stock futures gain
                                
 * European debt concerns raise doubts about rally
sustaining
                                
 By Umesh Desai
                                
 HONG KONG, June 3 (Reuters) - Asian stocks jumped on
Thursday, posting their biggest single-day gain in four weeks,
as U.S. housing data fueled optimism about the world's largest
economy.
                                
 Financial bookmakers expect leading European markets to
open up over 1 percent after Wall Street's rally. U.S. stock
futures <SPc1><DJM0> were 0.6 percent higher.
                                
 Solid sales growth for May from major U.S. automakers also
helped the auto sector in Japan, while stocks in Seoul received
an additional boost from foreign buying.
                                
 "Wall Street responded positively to good U.S. housing
data, which may be a sign that attention is shifting away from
Europe after a long period in which indicators were ignored in
favour of euro zone issues," said Toshiyuki Kanayama, market
analyst at Monex Inc.
                                
 Tokyo's Nikkei share average rose over 3 percent <.N225>,
its biggest one-day rise in six months, as exporters received a
leg-up from the upbeat economic data in the United States, one
of Japan's biggest export markets, with a weak yen also
helping.
                                
 Honda Motor <7267.T> jumped 4.3 percent while Toyota Motor
<7203.T> was 3.6 percent higher.
                                
 The MSCI index of Asia Pacific ex-Japan stocks
<.MIAPJ0000PUS> was up 3.1 percent, its biggest percent gain in
four weeks, led by resources <.MIAPJMT00PUS> and financials
<.MIAPJFN00PUS>.
                                
 In Seoul, the Korea Composite Stock Price Index <.KS11>
(KOSPI) was nearly 2 percent, its highest close in nearly three
weeks with foreign buying of a net 255 billion won ($212
million) worth of stocks, after selling on Tuesday. The Seoul
market was closed on Wednesday for a public holiday.
                                
 Investors are awaiting crucial U.S. job data due on Friday.
A strong U.S. non-farm payrolls report would point to a
broadening economic recovery that will be able to weather
Europe's debt storm, analysts said. [ID:nLDE6511IX]
                                
 YEN UNDER PRESSURE
                                
 The dollar inched up 0.2 percent to 92.35 yen <JPY=>,
hovering near a 2-week high of 92.36 yen hit the previous day.
The yen has been under pressure after Japanese Prime Minister
Yukio Hatoyama and his deputy resigned to try to boost the
ruling party's faltering fortunes in an election next month.
                                
 The weaker outlook for the yen benefitted the floundering
euro also, with the single currency rising 0.7 percent to
113.65 <EURJPY=R>.
                                
 But investors remained cautious over Europe's debt
problems.
                                
 "That (the market bounce) is not to say concerns toward the
euro zone have ebbed. The situation continues to be watched
with caution following the recent rise in Spain's short-term
yields," said Shoji Yoshigoe, a senior investment strategist at
Mitsubishi UFJ Morgan Stanley Securities.
                                
 Bank of Japan policy board member Miyako Suda warned that
Europe's problems and the ensuing market turmoil could hurt
Japan's economy. [ID:nTKZ006446]
                                
 "We would be more convinced of the rally's durability if it
were accompanied by falling Western European Sovereign CDS,"
said a client note from ING Bank.
                                
 Reflecting investors' concerns, the Markit SovX Western
European index of credit default swaps <ITXWE5Y=MP> widened 7.5
basis points to 154.5 bps. It is just off the record peak of
around 170 bps struck last month.
                                
 Safe haven U.S. Treasuries were steady despite the sharp
rise in demand for riskier assets, indicating there were
investors who remained suspicious of the rally.
                                
 Benchmark 10-year notes <US10YT=RR> are yielding 3.34
percent after rising 7 bps overnight. The yield is just above a
one-year low of 3.06 percent hit last week and far below the
high of 4.00 percent struck in early April.
                                
 U.S. oil futures prices <CLc1> rose as much as $1.03 to
$73.89 a barrel after an industry group reported U.S. crude
inventories fell more than expected last week. [O/R]
                                
 Gold <XAU=> prices fell on speculative selling but an
increase in ETF holdings to another record suggested demand
from investors remained firm.
 (Additional reporting by Elaine Lies in TOKYO and Jungyoun
Park in SEOUL)
  (Editing by Kazunori Takada)