GLOBAL MARKETS-Flat in holiday trade, data eyed

                                
 * MSCI world equity index flat in holiday weekend trade
                                
 * U.S. ISM data eyed after upbeat Chinese, Korean figures
                                
 * Dollar eases versus basket of currencies
                                
 
                                
 By Sebastian Tong
                                
 LONDON, May 1 (Reuters) - Global markets were flat on Friday
in subdued holiday weekend trading after growing hopes of a
global economic recovery propelled shares over 11 percent in the
previous month.
                                
 Trading was thin with markets around the world closed on
Friday for a holiday -- Japan and London markets close on Monday
-- but sentiment remained supported by encouraging data from
Asian export powerhouses China and South Korea.
                                
 "Expect a thin trading session today as traders trim their
positions ahead of the bank holiday on Monday ... Investors will
ask whether the recent gains are sustainable," said Manoj Ladwa,
a senior trader at ETX Capital in London.
                                
 The MSCI world  equity index <.MIWD00000PUS>, which ended
April with the biggest monthly gain in its 20-year history, was
down 0.02 percent by 0920 GMT.
                                
 The pan-European FTSEurofirst 300 index <.FTEU3> eased 0.1
percent after hitting their highest in over four momths in the
previous session while emerging shares <.MSCIEF> were 0.02
percent firmer, hovering at their highest since mid-October.
 A hopeful note sounded by the Federal Reserve on the
hard-hit U.S. economy helped investors overcome fears over the
economic impact of the spread of influenza A, widely known as
swine flu.
                                
 Investors took note of U.S. auto giant Chrysler's bankruptcy
filing on Thursday but also focused on cheerier economic news,
including a smaller-than-expected drop in South Korean exports
in April [ID:nSEO371627] and a monthly survey of Chinese
manufacturing suggesting an improving outlook. [ID:nPEK279290]
                                
 Optimism that the global downturn may have seen its worst
was also spurred by the fall in the number of U.S. jobless
claims, which indicated that the pace of layoffs was easing.
[ID:nN30506091]
                                
 However, April factory survey figures expected from the U.S.
Institute for Supply Management (ISM) at 1400 GMT will provide
further clues to the health of the world's biggest economy while
the release of results of U.S. stress tests on banks next week
will reveal the state of the global financial system.
                                
 Growing investor appetite for higher-yielding assets kept up
the pressure on the dollar, pushing the unit 0.1 percent lower
against a basket of major currencies <.DXY>.
                                
 U.S. crude oil <CLc1> stayed above $50 a barrel, reversing
previous session gains while emerging sovereign market spreads
<11EMJ> traded 1 basis points wider at 530 bps above U.S.
Treasuries.
The June Bund futures <FGBLc1> traded down 28 ticks.
 (Reporting by Sebastian Tong; editing by Stephen Nisbet)