* World stocks at 2-month highs but European shares dip
* U.S. stock futures flat to slightly positive
* Oil prices off day's lows
* Focus turning to U.S. ISM non-manufacturing data
* U.S. dollar, Aussie dollar gain
(Writes through)
By Dhara Ranasinghe
LONDON, March 3 (Reuters) - World stock markets touched
two-month highs on Thursday as easing concern about the global
growth outlook and a recovery in commodities lifted risk
appetite globally.
Upbeat data from major economies this week and signs of a
rebound in a range of commodities have helped restore some calm
to global markets after a turbulent start to the year.
Growth in Germany's private sector slid to a five-month low
in February but remained solid, underpinned by growing services,
a survey showed on Thursday.
MSCI's world equity index .MIWD00000PUS rose to its
highest level in two months, the pan-European FTSEurofirst 300
.FTEU3 stock index dipped 0.3 percent but held within sight of
Wednesday's one-month peak.
U.S. stock futures meanwhile pointed to a largely unchanged
start for Wall Street shares ESc1 1YMc1 NQc1 .
That followed a strong session in Asia, where MSCI's
broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS added another 1.1 percent to reach a two-month
peak.
"For markets to continue to move higher, more good data -
especially out of the U.S. - will be needed," said Markus Huber,
a trader at City of London Markets.
Focus turned to the U.S. non-manufacturing ISM report due at
1500 GMT, with investors eyeing the employment component for
clues about Friday's non-farm payrolls report.
A solid jobs report could bolster expectations that the
Federal Reserve remains on track to raise interest rates this
year.
Data on Wednesday showed U.S. private-sector jobs rising a
surprisingly strong 214,000 in February, adding to speculation
that the payrolls report would also be upbeat.
OIL DIPS, COPPER FIRM
Oil prices eased after ballooning U.S. crude inventories and
a lack of any fresh action from the world's largest producer to
temper supply snuffed out some of the bullish sentiment that has
built this week.
Brent crude prices LCOc1 slipped 0.2 percent to $36.86 but
are still some 35 percent above last month's lows. U.S. crude
futures were marginally higher at $34.68 CLc1 . They have risen
more than a third since Feb. 11, when prices dropped to levels
not seen since 2003 at just over $26 a barrel.
Copper prices hit their highest in more than three months,
boosted by higher equities and some confidence in global growth
prospects.
Risk appetite also remained strong in currency markets, with
the Australian dollar hitting a two-month high and the
safe-haven yen ceding ground to the U.S. dollar and the euro.
The dollar was up 0.5 percent at 114 yen JPY= , moving
towards the previous day's two-week high of 114.56. Even the
low-yielding euro was up 0.6 percent at 123.95 yen EURJPY= .
"We are seeing better risk appetite weighing on the yen,"
said Niels Christensen, FX strategist at Nordea. "The focus is
on the ISM report, and if, like the manufacturing survey, it is
a good one, then we could see the dollar move higher."
The Australian dollar was up 0.5 percent at $0.7338 AUD=D4
its highest level against the dollar since early December. Data
showed Australia's fourth-quarter economic growth unexpectedly
picked up to an annual 3.0 percent.
The improved tone towards risk assets was also reflected in
emerging markets, where stocks rose for the fifth straight day
-- their longest winning streak so far this year. BUT CAUTIOUS
The calmer mood in world markets showed in the CBOE
Volatility index .VIX , a measure of investor anxiety, which
closed at its lowest level so far this year.
Against this backdrop, U.S. Treasury and German Bund yields
have pulled away from lows hit in February as greater risk
appetite lessens the appeal of safe-haven bonds.
Yet fissures remain in the global outlook, with the European
Central Bank likely to ease monetary policy further when it
meets next week.
"The overriding economic concerns that were vexing investors
at the end of last year are still here - concerns about a
weaker Chinese economy, for instance," said Michael Hewson,
chief markets analyst at CMC Markets in London. "That makes me
cautious about the rebound in stock markets."