GLOBAL MARKETS-Asia stocks up on U.S. growth data, dollar steady

SINGAPORE, Nov 30 (Reuters) Asian shares rose on Thursday, led by exporters and resource stocks, after upbeat U.S. growth data eased concerns about the health of the economy in Asia's biggest export market.

The dollar was steady, holding gains made after the U.S.

GDP numbers dampened market expectations that the Federal Reserve could cut interest rates early next year.

Data on Wednesday showed that the U.S. economy expanded at a 2.2 percent annual rate during the third quarter, faster than the 1.6 percent pace first estimated and above Wall Street's expectations for a 1.8 percent gain.

Japanese shares rose to their highest in nearly two weeks, South Korean stocks hit a six-month high and Singapore's benchmark index notched up a record peak.

''Globally, the recent economic data is coming out positive, so corporate earnings should improve,'' said Park Suk-hyun, a strategist at Kyobo Securities in South Korea.

Shares in firms with substantial U.S. sales gained.

Japanese car maker Honda Motor Co. Ltd. rose 1.8 percent and rival Toyota Motor Corp. gained 0.9 percent.

In Seoul, Samsung Electronics Co. Ltd. rose 1.9 percent and flat screen maker LG.Philips LCD gained 2.1 percent.

Resource and energy stocks were also stronger as precious metals prices firmed and after oil rose above $62 a barrel to the highest in nearly two months on an unexpected decline in U.S. winter fuel stocks.

Australia's Woodside Petroleum rose 2.4 percent and global miner BHP Billiton firmed 1.1 percent.

''Resource stocks have underperformed in the past few months as commodity prices levelled from their peaks,'' said Steve Robinson, a portfolio manager with Alleron Investment Management. ''But when you look around, some of these stocks offer good value compared to the rest of the market.'' RELIEF FOR DOLLAR U.S. stocks gained on Wednesday on the GDP figures and as crude prices lifted oil majors such as Exxon Mobil Corp., with the Dow Jones industrial average up 0.7 percent and the Nasdaq Composite Index rising 0.8 percent.

The economic data also brought relief for the dollar, which had hit a series of 20-month lows against the euro and two-year lows to the pound this week on prospects for a narrowing of the dollar's yield advantage over other major currencies.

The dollar bought around 116.20 yen at 0215 GMT, above a three-month low at 115.40 struck at the start of the week. The euro was around $1.3170, below a 20-month high of $1.3218 reached on Wednesday.

Japanese government bond futures climbed back towards a two-month high, but trading remained cautious ahead of inflation data on Friday which could offer more clues on when the Bank of Japan will raise interest rates.

''Both bears and bulls find it difficult to place their bets ahead of CPI data,'' said Makoto Yamashita, chief JGB strategist at Lehman Brothers.

December futures rose 0.21 point to 134.96 towards a two-month high of 135.20 struck on Monday. The 10-year yield edged down 1.5 basis points to 1.665 percent, above a two-month low of 1.645 percent struck on Tuesday.

Tokyo's Nikkei rose 0.8 percent in the morning session, while MSCI's broadest index of shares elsewhere in Asia was up 0.6 percent by 0215 GMT.

Seoul's benchmark index rose 0.7 percent, Singapore's Straits Times gained 1 percent and Hong Kong's Hang Seng was up 0.9 percent. Taiwan's benchmark index rose 0.6 percent and Australia's S&P ASX edged 0.1 percent higher.

U.S. oil futures dipped, but still remained near a two-month high after weekly U.S. inventory data showed a surprise decline in heating fuel stocks in the world's biggest consumer.

NYMEX crude for January delivery fell 17 cents to $62.29 a barrel.

Gold traded around $637.20 an ounce, up around $1.50 from late New York levels.

REUTERS AKJ KP0941