GLOBAL MARKETS-World shares rise on recovery hopes, following stellar November

(Adds details, updates prices, changes dateline)
* World shares up 0.4% after strong European open
* China factory activity growth hits 10-yr high in Nov
* U.S. dollar weakens, risk-related currencies up
* Oil slips after OPEC+ talks delay, copper up

By Danilo Masoni and Paulina Duran
MILAN/SYDNEY, Dec 1 (Reuters) - World shares edged up to
just below record peaks on Tuesday after robust China data
boosted expectations of a recovery from the COVID-19 downturn
and as drugmakers seek fast approval for their vaccines and
authorities look set to keep stimulus support.
Bets of more easing from the Fed in the United States to
help the pandemic-hit economy through the winter weighed on the
dollar, as riskier currencies rose, while crude prices missed
out on the bounce after OPEC+ countries delayed a decision on
output cuts.
The MSCI world equity index .MIWD00000PUS , which tracks
shares in 49 countries, was up 0.4% by 0849 GMT.
Breakthroughs in vaccine developments from top drugmakers
Pfizer PFE.N , Moderna MRNA.O and AstraZeneca AZN.L last
month along with a market-friendly outcome of the U.S.
presidential election helped the index score its best month on
record, up 12% to new all-time peaks.
"We believe the rally can continue, with the current
pipeline of expected vaccine rollouts in line with our central
scenario of widespread availability in the second quarter of
2021," said Mark Haefele, Chief Investment Officer at UBS Global
Wealth Management in Zurich.
"We also believe that a divided U.S. government - which
looks the most likely outcome - is no impediment to a rising
market," he added.
In Europe the pan-regional STOXX 600 .STOXX benchmark was
up 0.7% in early deals, while U.S. stock index futures also
pointed to a strong start on Wall Street with investors focusing
on November manufacturing surveys from Europe and the United
States.
Earlier the MSCI's broadest index of Asia-Pacific shares
outside Japan .MIAPJ0000PUS added 1.3%, while China's
blue-chip CSI300 index .CSI300 jumped 2.2% after a business
survey showed on Tuesday activity in China's factory sector
accelerated at the fastest pace in a decade in November.

Japan's Nikkei .N225 rose 1.3% while Australia's S&P/ASX
200 .AXJO gained 1.1% after Australia's central bank said the
country's economy would need fiscal and monetary support "for
some time". "What we are seeing today is that upward trend reasserting
itself, given the positive news on the vaccine front, China's
growth picking up, and the tremendous faith in the ability of
central banks to keep the markets afloat," said Stephen Miller,
market strategist for GSFM Funds Management.
Moderna Inc MRNA.O applied for U.S. emergency
authorization for its COVID-19 vaccine after full results from a
late-stage study showed it was 94.1% effective with no serious
safety concerns. In foreign exchange markets, the dollar was under pressure
after closing out its worst month since July with a little
bounce and as investors reckon on even more U.S. monetary
easing. The dollar index was last down 0.3% to 91.706. =USD
In a speech released late on Monday, Fed chair Jerome Powell
said a slowing recovery and a surging pandemic meant the U.S.
was entering a "challenging" few months, with the potential
deployment of a vaccine still facing hurdles. Elsewhere sterling GBP= hit a three-month high as traders
clung to hopes for a Brexit trade deal before the year's end,
while risk-related currencies such as the Canadian and Aussie
dollar rose against the greenback.
The U.S. bond market was steady, as the U.S. Congress began
a two-week sprint to secure government funding and avoid a
possible shutdown amid the coronavirus pandemic. U.S. 10-year yields US10YT=RR were up slightly at 0.8438%.
Germany's benchmark 10-year bond yield hovered near
three-week lows, while southern European debt yields kept record
lows in sight ahead of next week's European Central Bank
meeting.
Germany's Bund yield was a touch lower in early trade at
-0.574%, close to Monday's three-week low of -0.60% DE10YT=RR .
Reflecting the upbeat mood, copper prices rose with Shanghai
prices hitting a more than eight-year high, helped by the robust
Chinese data. Oil prices however were slightly lower after leading
producers delayed talks on 2021 output policy, while the
coronavirus pandemic continued to sap fuel demand. delayed talks on output policy for next year until
Thursday, three sources told Reuters, as key players still
disagreed on how much oil they should pump amid weak
demand/ Brent crude LCOc1 futures were 0.2% lower at $47.8 a
barrel, while U.S. crude CLc1 also eased back to $45.31.

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