GLOBAL MARKETS-Asia shares firm on EU Greece pledge, euro eases

                                
 * EU pledge to support Greece, U.S. job data boost stocks
                                
 * But euro eases on lack of detail on Greece aid plan
                                
 * Report that Merkel refuses to rescue Greece also weighs
                                
 * Gold off one-off high, oil eases as dollar firms
                                
 By Kevin Yao
                                
 SINGAPORE, Feb 12 (Reuters) - Asian shares rose for fourth
straight day on Friday as investors cheered the EU's pledge to
aid Greece, but the euro faltered on disappointment over the
lack of detailed plans to pull Athens out of its deficit
spiral.
                                
 European stocks <.FTSE> were also expected to open higher,
following gains in Asia and on Wall Street as European leaders
sought to prop up Greece and after upbeat economic data from
China boosted commodity prices and shares of resource
companies.
                                
 The euro <EUR=> remained under pressure, however, on
concerns that European powers were still squabbling over
whether to bail out Greece and fears that, if even they do
agree, any aid package could lead to more fiscal problems in
the euro zone in the longer-term.
                                
 The single currency <EUR=> hovered near $1.3670, slightly
below late Thursday levels, after a newspaper report that
German Chancellor Angela Merkel had resisted a quick rescue of
Greece at a European Union summit on Thursday that failed to
offer concrete proposals to help the country tackle its debt
crisis. [ID:nLDE61B02A}

                                
 Any detailed proposals for Greece are likely to be
discussed by EU finance ministers at meetings in Brussels early
next week, and the Greek government could still baulk if aid is
linked to it adopting even tougher fiscal austerity measures.
[ID:nLDE61A0W2]
                                
 Currency traders were also cautious ahead of GDP readings
for Germany, France, Italy and the euro zone later in the day
which were expected to show only tepid growth in the fourth
quarter. <ECONG7>
                                
 "I think people are uneasy over the Guardian article where
Merkel sounded as though she's not in a very generous mood,"
said Sean Callow, currency strategist at Westpac.
                                
 But Callow said Asian equities were taking more of a cue
from gains on Wall Street.
                                
 U.S. stocks rose as much as 1.4 percent overnight as fears
of a more immediate, broader euro zone crisis eased and on data
showing a dip in U.S. weekly jobless claims. High unemployment
in the United States has left consumers in the world's largest
economy reluctant to spend, impeding a global recovery. [.N]
                                
 The MSCI index of Asian stocks traded outside Japan
<.MIAPJ0000PUS> rose nearly half of a percent, while the Nikkei
<.N225> gained 1.3 percent, catching up with other global
markets after a holiday on Thursday.
                                
  The MSCI ex-Japan index is still down 10 percent over the
past month as traders sold riskier assets amid worries about
the fiscal stability of Greece, Portugal and Spain as well as
China's moves to curb lending to keep its economy from
overheating.
                                
  Shares of resource firms led gains in much of Asia as
metal prices rose on positive Chinese data. China on Thursday
reported strong loan growth in January, while consumer
inflation moderated more than expected. [ID:nTOE61A00V]
                                
 Japan's Mitsubishi Corp <8058.T> rose 3.3 percent while
global miners BHP Biliton <BHP.AX> and Rio Tinto <RIO.AX> rose
1.2 percent and 3.2 percent, respectively.
                                
 Trade was thin, however, ahead of long Lunar New Year
holidays next week in China, Hong Kong, Taiwan, Singapore and
South Korea.
                                
 "A series of negative factors such as concerns about
Greece's problems and China's tightening policy are now priced
in. But we still lack reasons to buy up the market further,"
said Masaru Hamasaki, senior strategist at Toyota Asset
Management.
                                
 EURO FALTERS
                                
 The euro may get some near-term support but traders said
investors stood ready to sell it on rallies above $1.3700 on
worries about fiscal problems in other weaker euro zone
states.
 Greece's ballooning deficit and debt have reverberated across
financial markets in recent months, hitting the euro, stocks
and some government bonds.
                                
 Emerging market equity funds suffered net outflows in the
week ended Feb. 10, largely as a result of jitters over Greece,
Boston-based fund tracker EPFR Global said on Thursday.
[ID:nN11107237]
                                
 Emerging market equity funds had net outflows of $2.9
billion, with $1.76 billion - a 60-week high - coming just from
the diversified global emerging markets equity funds (GEM)
category, according to EPFR.
                                
 Gold <XAU=> fell $6.30 to $1,089.55 an ounce after rising
to a one-week high the previous day as the euro softened, while
oil <CLc1> eased 40 cents to below $75 a barrel.
 (Editing by Kim Coghill)