* World shares edge higher as investors seek bargains
* U.S. stocks seen joining in the recovery
* Dollar gains 0.5 pct against yen, off lows vs euro
* Oil, gold steady as Fed intentions eyed
By Richard Hubbard
LONDON, June 12 (Reuters) - The dollar, world shares and oil edged higher on Wednesday, clawing back some of the previous day’s steep losses as investors sought out bargains while staying on edge over central bank stimulus plans.
Stocks, bonds, commodities and the dollar all suffered a sharp sell-off on Tuesday when the Bank of Japan’s decision to leave its policies unchanged spooked investors already worried about prospects of the Federal Reserve cutting its bond buying.
Many saw the selloff as an opportunity to build positions, especially given improvement in the U.S. economy.
“We don’t think the fundamentals have changed and we will move portfolios to take advantage of that,” David Zahn, a portfolio manager for fund manager’s Franklin Templeton, said.
A rise in U.S. stocks index futures signalled Wall Street would join in the global move up when trading resumed.
The dollar, which chalked up its biggest one-day fall against the yen in three years in Tuesday’s selloff, gained about 0.5 percent to reach 96.50 yen. Against a basket of currencies it was up 0.2 percent.
Against the euro, the greenback lifted off 3-1/2 month lows to trade around $1.3265.
European shares led the gradual recovery in global equity markets after another volatile session in Asia left MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.4 percent to a 6-1/2-month low.
The pan-European FTSEurofirst 300 index, struggled back from six-week lows to be up 0.5 percent at 1,185.10 points at the mid-session point leaving MSCI world equity index up 0.15 percent.
Across the emerging markets MSCI’s benchmark index , which saw its biggest percentage fall in a month during Tuesday’s selling storm, added around 0.4 percent bolstered by recoveries in Turkey and Russia.
However, the bounce only came after the index reached its lowest level since June 2012 early in European trading. Greece and Egypt also suffered on Wednesday after MSCI demoted the former and raised concerns about getting money out of the latter.
Emerging market assets have been particularly hard-hit by the expectations the Fed will scale back its bond buying as the gathering economic momentum behind the move and lower growth in China drive flows back into the United States.
Signs that Britain’s economy was also strengthening underpinned the UK stocks and gave a lift to sterling which rose to a three-week high against the euro and edged towards a four-month peak against the dollar.
The UK reported that the number of Britons claiming unemployment benefit fell more than expected in May to its lowest level in two years. ()
In the debt market, U.S. Treasuries and German bond futures were weak, but the recent jump in yields was seen luring some buyers back into the market.
Ten-year bonds slipped to yield roughly 2.2 percent , just below a 14-month high hit on Tuesday. German 10-year yields were half a basis point up at 1.56 percent.
In commodity markets, copper rose off its lowest level in almost six weeks to reach to $7,142 a tonne. while gold steadied at $1,378 an ounce and Brent oil rose 0.25 percent to $103.20.