RPT-GLOBAL MARKETS-Asian shares up as global economy fears ease

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By Rafael Nam

HONG KONG, April 1 (Reuters) - Asian stocks edged higher on Tuesday as better-than-expected data, including for South Korean exports, offered some respite to markets that have been hit this year by fears of a serious global economic slowdown.

But uncertainty about the extent of writedowns required in the financial sector remained in place, preventing stronger gains, with analysts predicting a recovery in global stocks is unlikely unless confidence improves on that front.

Commodities such as oil steadied after plunging on Monday, while the U.S. dollar was largely unchanged against major currencies such as the euro.

"People are waiting for the smoke to settle after the bombs landed, and nobody's in the mood to do much," said Hans Kunnen, had of investment markets research at Colonial First State.

The MSCI's measure of Asian stocks outside Japan .MIAPJ0000PUS rose 0.7 percent by 0200 GMT.

The gains comes a day after the index posted a 14.2 percent loss in the first quarter -- its biggest in over five years -- as fears about the global economy and a credit crunch have soured the confidence of investors.

But for now, investors appeared comforted after Wall Street rose on Monday on stronger-than-expected Midwestern business activity in the United States and after a plan for regulatory overhaul raised hopes for calmer financial markets. [ID:nN31410880] and [ID:nN31424892]