GLOBAL MARKETS-Asian shares rally but uncertainty lurks ahead

                                
 * Asia shares gain 2 percent on Goldman Sachs' profit
                                
 * Not all signs positive: yen gains broadly
                                
 * Asian automaker shares slide on concerns over GM
                                
 * Oil below $50/barrel on worries about weaker global
demand
 (Updates with European shares, latest Asian prices)
                                
 By Rafael Nam
                                
 HONG KONG, April 14 (Reuters) - Asian shares rose to a
six-month high on Tuesday after Goldman Sachs'
stronger-than-expected profit signalled the worst could be
behind for U.S. banks, but plenty of concerns about the global
economy still remain.
                                
 European shares were set to gain at the start of the
trading week for some markets after the long Easter weekend.
However, other markets signalled far less optimism. The yen,
which tends to benefit from safe-haven trades, gained broadly.
                                
 Whether a rally for Asian stocks outside Japan -- up now
more than 30 percent since their 2009 low on March 4 -- can be
sustained remains in doubt, with analysts saying the full brunt
of the global recession has yet to be reflected. [ID:nSP470378]
                                
 Singapore devalued its currency after posting on Tuesday
its worst quarterly economic contraction ever, while a forecast
for weaker demand for oil by the International Energy Agency
sent crudes tumbling to below $50 a barrel. [ID:nSP477086]
                                
 Asian automaker shares slid on worries over the fate of
General Motors Corp <GM.N>, helping send Japan's Nikkei average
<.N225> down 0.9 percent.
                                
 "If GM were to go bankrupt, that would raise questions
about what would happen to Japanese auto-parts makers and
Japanese automakers' dealer networks. The implications are
broad," said Takahiko Murai, general manager of equities at
Nozomi Securities.
                                
 "Although the financial sector seems to have seen the
worst, a recovery for manufacturers has been slow and worries
remain."
                                
  Still, the MSCI index of Asia-Pacific stocks outside Japan
<.MIAPJ0000PUS> rose at one point on Tuesday to its highest
since mid-October.
                                
 The MSCI gauge rose 2 percent as of 0600 GMT,as major
markets such as in Hong Kong <.HSI> and Australia <.AXJO> added
more than 2 percent each in their return to trade after a
four-day weekend.
                                
 The gains came after Goldman Sachs Group Inc <GS.N> on
Monday posted much higher-than-expected first-quarter profit as
it took more trading risk, and said it plans a $5 billion
common share sale to help pay back government funds.
[ID:nN13387020]
                                
 The results followed Wells Fargo <WFC.N> announcement last
week that it expects to report a record first-quarter profit.
                                
 Though Goldman and Wells Fargo did not suffer as much as
other U.S. financial firms, at least they were seen providing
some signs the U.S. banking industry is finally stabilising
after months of credit-related losses.
                                
 Markets in South Korea <.KS11>, Taiwan <.TWII> and Shanghai
<.SSEC> posted more modest gains.
                                
 NOT SO FAST?
                                
 A further wave of global earnings results this week could
steer markets, including those from beleaguered Citigroup <C.N>
and U.S. blue chip General Electric <GE.N>, both on due Friday.
[RESF/US]
                                
 It could be rough for some sectors. Qantas Airways Ltd
<QAN.AX> forecast on Tuesday its first second-half loss in six
year as Australia's biggest airline battles a slump in
passenger demand and rising competition. [ID:nSYD466179]
                                
 The fate of U.S. auto makers also remains a concern.
                                
 The New York Times reported late on Sunday that the U.S.
Treasury Department was directing GM to lay the groundwork for
a bankruptcy filing should it fail to reach give-back deals
with stakeholders by a deadline set by the Obama
administration. [ID:nN13377256]
                                
 That hit shares in automakers such as Japan's Toyota Motor
<7203.T> and South Korea's Hyundai Motor <005380.KS> on
Tuesday.
                                
 "There's still a lot of uncertainty out there, so many
players are staying on the sidelines and we're seeing some
one-time profit-taking," said Tomomi Yamashita, a fund manager
at Shinkin Asset Management.
                                
 Oil prices <CLc1> remained below $50 a barrel after falling
56 cents to $49.48 a barrel after the International Energy
Agency forecast world oil demand will dive by a hefty 2.4
million barrels per day in 2009 given the global recession.
[ID:nLA70157]
                                
 The lingering caution bolstered the safe-haven yen on
Tuesday. The dollar dropped 0.3 percent to 99.76 yen from late
U.S. trade the previous day. <JPY=>, while the euro lost 0.3
percent to 133.30 yen <EURJPY=R>.
                                
 The Australian dollar rose as far as 73.49 yen <AUDJPY=R>,
its highest since mid-October, but then slipped to 72.75 yen,
down 0.5 percent.
                                
 In debt markets, Japanese bonds pared earlier losses
following a surprisingly solid auction for 30-year bonds.
                                
 That sale was seen as an important test of investor demand
after the government announced last week that it would issue
more than 10 trillion yen ($100 billion) of debt in the year to
March 2010 to finance its biggest ever stimulus package.
[ID:nT80802]
                                
 June futures edged down 0.14 point to 136.56 <2JGBv1>,
while the benchmark 10-year yield was up 1 basis point at 1.460
percent <JP10YTN=JBTC>.