GLOBAL MARKETS - Asia shares hit 7-mth high; some see pullback
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HONG KONG (Reuters) - Asian shares rose to their highest in seven months while the safe-haven dollar extended its decline on Monday, but warnings about an impending turnaround are growing amid weak corporate results and views that any global recovery will only be gradual.
For now, traders focused on a smaller-than-expected number of job losses in the United States that reinforced expectations that the global economy, while still weak, may have hit bottom. Increased optimism about the global financial system is also feeding the rally.
European shares were set to gain ahead of results from bellwhether HSBC, while oil prices retreated a tad from the 6-months highs above $58 a barrel hit on Friday.
The gains in stock markets -- with the MSCI's index of Asia-Pacific stocks outside Japan up 52 percent since their 2009 low hit in early March -- are also sparking a plunge in risk premiums in Asian credit levels.
More: http://in.biz.yahoo.com/090511/137/batjyz.html
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