* World stocks hit 4-mth high, Asia scales 6-mth peak
* Recovery hopes boost tech, exporters as restocking eyed
* Kiwi and NZ swap rates slide on RBNZ rate cut and remarks
By Eric Burroughs
HONG KONG, April 30 (Reuters) - World stocks struck a
four-month peak on Thursday, powered by gains in Asia, as
investors took heart from signs of improvement in the U.S.
economy suggesting regional exporters may need to start
cranking up production.
A record drop in U.S. business inventories in the
first-quarter and surprisingly robust consumer spending were
widely seen by economists as positive pointing to a growth
pick-up in the world's largest economy in coming months.
The U.S. Federal Reserve tweaked its policy statement to
say that the economic outlook was improving, while vowing to
keep rates at a historic low for a long stretch.
Safe-haven government bonds slid and higher-yielding
currencies tied to risk appetite such as the Australian dollar
jumped against the low-yielding yen.
"Data out of the U.S. is a big factor boosting the market,"
said Takahiko Murai, general manager of equities at Nozomi
Securities in Tokyo.
Data in Japan showing industrial production grew twice as
much as expected in March thanks to strong Chinese demand for
electronics is one of the main factors fuelling the rally in
Asian technology shares in the past two months.
The multiple signs of economic activity recovering around
the world has stoked expectations that Asian companies and
exporters may have cut inventories too quickly and may need to
switch gears and start restocking to meet demand.
Investors have also taken in stride the outbreak of swine
flu around the world that prompted the World Health
Organization on Wednesday to raise its threat level, saying the
world is on the brink of a pandemic. []
Mexico's government called for all businesses that are not
crucial to the economy or public safety to close between May
1-5 to help contain the swine flu outbreak.
Taiwan's TAIEX index <> was poised for its biggest
daily gain in 19 years, up 6.8 percent in morning trade, on
expectations for an influx of Chinese investment after a series
of cross-straits talks have led to warmer ties between the two
countries.
The MSCI index of Asia-Pacific shares outside Japan
<.MIAPJ0000PUS> jumped 3.8 percent to hit a six-month peak.
The move came as the forward 12-month earnings per share
for the regional benchmark touched 13.99, the highest since
January 2008 and up sharply from a low of 7.87 touched in
November when the index hit a five-year low, according to data
from Thomson Reuters I/B/E/S.
The solid gains in Asian equity markets outpaced the 2.1
percent rise in the U.S. S&P 500 index <.SPX> on Wednesday,
while S&P futures <SPc1> were up 0.5 percent and pointing to a
positive start when U.S. markets open later in the day.
Thursday marks the last day of the week for many markets
around the world observing May 1 holidays. In Asia, markets in
South Korea, Taiwan, Hong Kong and Singapore among others will
be closed on Friday.
Japanese markets will be open but then close Monday through
Wednesday for the rest of the country's Golden Week break.
AUSSIE HOLDS GAINS, RBNZ SLAMS KIWI
The Australian dollar was up 0.5 percent at $0.7280
<AUD=D4>, holding hefty gains scored the previous day as market
players chased the relatively higher-yielding currency on the
rally in equities.
But the New Zealand dollar tumbled about 1 percent to a low
of $0.5634 <NZD=D4> after the country's central bank cut
interest rates by half a point to a record low of 2.5 percent,
as expected, and pledge to keep rates low for a while.
The rate cut and remarks drove the two-year New Zealand
swap rate <NZDSM3NB2Y=> down about 20 basis points.
In Japan, government bonds slid as stocks bounced from
their drop at the start of the week. JGB futures <2JGBv1> were
down 0.51 point, while the benchmark 10-year yield
<JP10YTN=JBTC> rose 3 basis points to 1.440 percent.
(Additional reporting by Shinichi Saoshiro in Tokyo; Editing
by Mathew Veedon)
