* Global stocks higher
* Europe flat, Japan up 1.7 percent
* Oil drops below $53 a barrel
* Dollar falls, bonds rise
By Jeremy Gaunt, European Investment Correspondent
LONDON, Nov 28 (Reuters) - Global stocks headed towards a
sixth consecutive session of gains on Friday, although European
shares were weak, as investors took some comfort from government
moves to stimulate a deteriorating world economy.
The dollar was weaker. Demand for U.S. Treasuries and euro
zone government bonds rose as concerns remained about the global
economic decline.
Oil fell below $53 a barrel, on course to end the month down
more than 20 percent, as OPEC ministers prepared to meet in
Cairo to discuss potential further supply cuts.
Indian stocks were higher as a siege in Mumbai between
police and Islamist gunmen continued, but India's 10 year bond
yield fell to its lowest level in three years on expectations
that the attacks will an impetus to rate cuts.
Globally, the MSCI all-country world index <.MIWD00000PUS>
rose 0.3 percent, bringing this week's gain to 11.6 percent. It
would be the first weekly gain in four weeks.
"On a range of measures, there is undoubted value to be
found in many of the world's equity markets," said Sarah Arkle,
chief investment officer with Threadneedle Asset Management.
The pan-European FTSEurofirst 300 <> was flat, held
back by weak oil-related shares.
Earlier, Japan's Nikkei average climbed 1.7 percent for its
best week in a month. It <> gained 138.88 points to
8,512.27, while the broader Topix <> was up 0.7 percent to
834.82.
A monthly Reuters survey found that Japanese retail
investors became slightly less pessimistic about domestic
equities in November, fitting with other signs globally that
recent market sell offs may be bottoming at least temporarily.
OPEC TO MEET
Oil fell to just below $53 a barrel. The Organization of the
Petroleum Exporting Countries is to hold an informal meeting on
Saturday in Cairo, as it struggles to slice output fast enough
to keep pace with a recessionary reduction in fuel demand in the
West that has sent crude prices down nearly two-thirds since
July. []
U.S. light crude for January delivery <CLc1> stood at $52.92
a barrel, down $1.52.
The dollar lost traction against major currencies against
the slightly brighter environment for shares.
"The phase of dollar strength that we've seen since the
beginning of the crisis seems to be going through a pause in the
context of a slightly better stock market environment," said
Audrey Childe-Freeman, senior currency strategist at Brown
Brothers Harriman in London.
"There's still a lot of risk around however," she added.
The dollar was 0.3 percent lower against a basket of six
major currencies at 85.523 <.DXY>, while the euro rose 0.2
percent to $1.2915 <EUR=>. The dollar dipped 0.1 percent to
95.22 yen <JPY=>.
Euro zone government bonds rose, reflecting concern about
the economy and expectations of interest rate cuts. Two-year
Schatz yields <EU2YT=RR> sank 10 basis points to 2.219 percent.
