* Dollar, euro gain on strong import data from China
* U.S. stocks rise as fears of double-dip recession ebb
* Crude oil rises to more than $76 on U.S. supply outage
* China data, Dubai World deal support risk appetite
(Adds close of European markets)
By Herbert Lash
NEW YORK, Sept 10 (Reuters) - The euro and U.S. dollar
rose on Friday after strong import data from China boosted
rising optimism about global growth, while stocks edged higher,
buoyed by the economic outlook and a jump in oil prices.
The euro gained about 1 percent versus the Swiss franc as
the safe-haven currency came under selling pressure from better
risk appetite. The dollar rose against the Japanese yen, which
remained near a 15-year high touched earlier this week. For
details see: []
Chinese imports jumped in August, a sign of potential
stronger domestic demand in an economy that is a major driver
of global growth. [].
Imports rose 35.2 percent from a year earlier, easily
beating July's 22.7 percent rise and market forecasts of a 26.1
percent gain, General Administration of Customs data showed.
Risk aversion also eased on news that Dubai World
[] had reached a deal to restructure its liabilities,
helping ease renewed fears about Dubai's debt woes.
[].
"There has been strong risk assumption on the China data
overnight," said John Doyle, senior currency strategist at
Tempus Consulting in Washington.
The euro <EUR=> was up 0.27 percent at $1.2728, while the
dollar <JPY=> was up 0.37 percent against the yen at 84.11.
Global stocks reversed early losses to trade slightly
higher as U.S. stocks headed for their sixth up day in the last
seven sessions even as they pared some of their gains.
MSCI's all-country world equity index <.MIWD00000PUS> rose
0.1 percent, aided by rising U.S. stocks.
Energy shares advanced as crude futures <CLc1> rose above
$76 per barrel after the forced shutdown of the biggest
pipeline supplying Canadian oil to refineries in the U.S.
Midwest and to a key storage hub in Oklahoma. [].
The PHLX oil services sector index <.OSX> gained 2.6
percent.
"There's been a resurgence in optimism about the economy,
and that's directly linked to oil demand," said Peter
Jankovskis co-chief investment officer at OakBrook Investments
LLC in Lisle, Illinois.
Worries in August that the U.S. economy was poised to slip
back into recession have waned as economic data, while still
sluggish, has beat consensus forecasts since September began.
The Dow Jones industrial average <> was up 20.58
points, or 0.20 percent, at 10,435.82. The Standard & Poor's
500 Index <.SPX> was up 2.84 points, or 0.26 percent, at
1,107.02. The Nasdaq Composite Index <> was down 2.88
points, or 0.13 percent, at 2,233.32.
European shares eased from four-month highs as bank shares
slipped ahead of the Basel Committee meeting and on a report
that Deutsche Bank plans to raise up to 9 billion euros ($11.4
billion) in a stock offering. []
The pan-European FTSEurofirst 300 <> index fell 0.1
percent to 1,081.02 points, retreating from its highest closing
level since late April on Thursday.
Deutsche Bank <DBKGn.DE> shed 4.9 percent after two people
familiar with the matter said Germany's top lender was
considering a capital increase to bolster its balance sheet as
Basel III capital requirements are finalized. []
Even though U.S. crude oil rose 2.5 percent, a leading
forecaster said demand would remain tepid. []
The International Energy Agency said global oil demand
growth was expected to increase a little this year but slip in
2011 and that fuel consumption could be much weaker if the
world economy slows. []
U.S. light sweet crude oil <CLc1> rose $1.82 to $76.07 a
barrel. Brent crude <LCOc1> gained 51 cents to $77.98.
The dollar was down against a basket of major currencies,
with the U.S. Dollar Index <.DXY> off 0.07 percent at 82.613.
U.S. Treasury prices fell as investors reduced their
holdings of safe-haven government bonds after a record supply
of higher-yielding corporate bonds this week. []
The benchmark 10-year U.S. Treasury note <US10YT=RR> was
down 10/32 in price to yield 2.79 percent.
December Bund futures took a drubbing as investors
reassessed some of the extreme bearishness priced into bond
markets in the wake of recent data suggesting the slowdown in
the U.S. economy may not be as bad as feared.
"We saw that strong data led to some sell-off in the market
and weak data had no impact. This means the rally is running
out of steam," said Patrick Jacq, strategist at BNP Paribas.
December Bund futures <FGBLc1> settled down 73 ticks at
130.05.
Copper steadied as investors weighed strong metals import
data from top consumer China versus ongoing fears that the
country will tighten monetary policy. []
Beijing has moved the release of key economic data for
August to Saturday from Monday, prompting speculation the
numbers could trigger a strong reaction on financial markets.
Markets are particularly concerned about a possible surge in
China's consumer price index. <ECONCN>
Spot gold prices <XAU=> rose $2.35 to $1,245.90 an ounce.
Earlier in Asia, stocks rose to a four-month high. The MSCI
index of Asia Pacific stocks outside Japan edged up 0.1 percent
<.MIAPJ0000PUS>, while Tokyo's Nikkei share average closed 1.6
percent <> higher.
(Reporting by Rodrigo Campos, Nick Olivari, Richard Leong in
New York; Marie-Louise Gumuchian, Ian Chua, Atul Prakash,
Kirsten Donovan, Pratima Desai and Humeyra Pamuk in London;
Writing by Herbert Lash; Editing by Dan Grebler)
