* European stocks down 0.1 percent, Japan off 1.3 percent
* Emerging markets stocks continue gains
* Yen rises against dollar, euro
* U.S. bailouts in focus, Wall Street looks down
By Jeremy Gaunt, European Investment Correspondent
LONDON, Feb 9 (Reuters) - Global equities put in a fifth
straight trading day of gains on Monday, mainly lifted by
emerging markets, where some analysts see a gradual return of
investors' appetite for risk.
Wall Street, however, looked set for declines, the dollar
fell and the Japanese yen gained.
Caution remained over the contents of both Washington's
package of measures to stimulate the economy and a delayed plan
to rescue the U.S. banking system.
"This is the world's biggest casino throw we've ever seen,"
Justin Urquhart Stewart, director at Seven Investment
Management, said of the U.S. economic package. "There is no
certainty in this market."
Squabbling over the U.S. rescue plan was set to continue
later in the day, when the Democratic-led Senate votes to end
debate on an $827 billion rescue package so it can be passed on
Tuesday.
World stocks as measured by MSCI <.MIWD00000PUS> were up 0.2
percent, held back by trading in Europe, where the FTSEurofirst
300 <> inched down 0.1 percent and in Japan, where the
Nikkei <> closed down 1.33 percent.
But MSCI's benchmark emerging market index <.MSCIEF> was up
just shy of 1 percent. The index is down just 0.74 percent in
2009, easily outperforming the 5.2 percent loss on the
equivalent developed market gauge <.MIWO00000PUS>.
Researchers EPFR Global reported that the global emerging,
Asia ex-Japan and Latin America equity funds that it tracks all
posted net inflows in its latest weekly snapshot.
Barclays Capital, in the meantime, said currency performance
indexes it has constructed are showing a move by market players
away from strong risk aversion.
"Though there has been no sign that risk appetite is
strongly positive, the backing away from the mood of intense
risk aversion is significant," it said in a note.
U.S. PACKAGE WEIGHTS
Monday's mood on currency markets was still generally
cautious.
The yen rose broadly, buoyed by disappointment at a delay in
the announcement of the U.S. bank bailout plan until Tuesday.
"The yen's gains really reflect investor disappointment that
the U.S. bank rescue plan was postponed," BTM-UFJ currency
economist Lee Hardman said.
"Given the scale of the problem it is clear that we need to
see an effective solution as quickly as possible, and the delay
has dented confidence in the authorities' ability to get ahead
of the curve in resolving it," he said.
The dollar was down 0.3 percent against the yen <JPY=> at
91.75 yen, while the euro was slightly off at 118.92 yen
<EURJPY=>.
The euro rose 0.2 percent against the dollar to $1.2958
<EUR=>.
On euro zone government bonds markets, the two-year yield
<EU2YT=RR> was up 2 basis points at 1.443 percent, while the
10-year yield <EU10YT=RR> was the same at 3.385 percent.
(To read Reuters Global Investing Blog click on
http://blogs.reuters.com/globalinvesting; for the MacroScope
Blog click on http://blogs.reuters.com/macroscope; for Hedge
Fund Blog click on http://blogs.reuters.com/hedgehub)
(Additional reporting by Jessica Mortimer, Rebekah Curtis and
Elaine Lies)
