* Stocks ease from previous session's 6-week highs
* Stocks have more than doubled over past 12 months
* Debt spreads tight, Poland plans Swiss franc bond
* Investors on lookout for Dubai World debt offer
By Carolyn Cohn
LONDON, March 9 (Reuters) - Emerging assets eased on Tuesday
from their strongest levels since January set in the previous
session, consolidating gains made on renewed optimism over the
U.S. economy and prospects for troubled euro zone member Greece.
Emerging markets have come under pressure from concerns
about global monetary tightening, the strength of the U.S.
economy and from risk aversion following debt crises in Greece
and Dubai.
However, some of those fears have eased in recent days.
"There is some profit-taking after a pretty good run, which
does not change my quite enthusiastic outlook," said Mats
Olausson, emerging markets strategist at SEB in Stockholm.
"The nervousness regarding Greece will gradually fade a bit
more. For Dubai, most of the dynamite was probably used last
year but there could be some fireworks and explosions."
Benchmark emerging equities <.MSCIEF> fell 0.52 percent,
easing from six-week highs set in the previous session.
Emerging stocks are up more than 100 percent since the
global stock market rally began exactly a year ago.
Emerging sovereign debt spreads widened by 1 basis point to
266 basis points over U.S. Treasuries <11EMJ>, but remain close
to their tightest since mid-January.
Poland set initial guidance on a Swiss franc-denominated
four-year Eurobond at 88 basis points over mid-swaps, according
to a source at one of the lead managers.
Books close around 1500 GMT, the deal could total more than
400 million Swiss francs and leads are RBS and UBS.
Romania and Israel are holding roadshows this week for
euro-denominated bonds.
With oil trading above $80 a barrel, Russia let the rouble
rise to 14-month highs against a euro-dollar basket <RUS=MCX>,
shifting the lower boundary of its trading band by five kopeks
twice on Tuesday, to 34.50.
Other emerging European currencies eased, with the zloty
dipping from 15-month highs against the euro <EURPLN=> set in
the previous session and the Hungarian forint slipping from 2010
highs <EURHUF=>.
In Dubai, investors are continuing to watch for debt
negotiations at troubled state-owned conglomerate Dubai World,
with a deal expected this week, after Dubai World announced a
standstill on payments on billions of dollars of debt in
November.
Dubai five-year credit default swaps rose to 487.4 basis
points from 479.6 bps at the U.S. close, according to CDS
monitor CMA DataVision.
But Dubai's stock index <> ended higher for the fourth
straight session after the United Arab Emirates' finance
minister said the federal government would support Dubai and he
expected the debt restructuring of Dubai World to be resolved
soon. []
"The end of uncertainty could support local markets," said
analysts at BNP Paribas in a client note.
"Equities have rebounded in Dubai and across the Gulf and we
could expect credit markets to improve as creditors take stock of
their loss."
(editing by John Stonestreet)
