By Dhara Ranasinghe
LONDON, April 21 (Reuters) - World stock markets climbed to their highest in almost five months on Thursday after a surge in oil prices boosted risk appetite, while the euro steadied ahead of a European Central Bank meeting.
European stocks crept higher at the open, with the FTSEurofirst 300 index
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan
Japan's Nikkei
The MSCI world equity index
Driving the positive sentiment in global stock markets was the rally in oil.
Brent crude, the international benchmark, extended Wednesday's strong gains to hit a five-month peak just above $46 a barrel
U.S. crude futures
"It looks like the trough in oil is now behind us," said Chris Scicluna, head of economic research at Daiwa Capital Markets.
The upbeat tone towards oil resonated across world markets, with emerging market stocks rising to 5-1/2 month highs, while safe-haven German government bond yields
Many other commodity prices were also firm, with copper
The Thomson Reuters Core Commodity Index
ECB LOOMS
While the ECB is widely expected to refrain from further action after delivering a comprehensive stimulus package in March, its meeting will be no less eagerly anticipated.
ECB President Mario Draghi is likely to drive home the case for ultra-loose monetary policy, hitting back after a barrage of criticism from German officials who dispute the bank's recipe for tackling the euro zone's economic malaise.
In London trade, the euro was flat at $1.1298
"The FX market is likely to pay particular attention today to what Draghi has to say about further rate cuts," said Lutz Karpowitz, currency strategist at Commerzbank.
"Should he be any more outspoken on the matter than last time round, euro/dollar is likely to ease further. I would certainly steer clear of long positions."
Elsewhere, commodity-linked currencies held firm. The Australian dollar
The Swedish crown hit its highest level against the euro
(Additional reporting by Anirban Nag; Editing by Hugh Lawson) ((Dhara.Ranasinghe@thomsonreuters.com; +442075422684;))
Keywords: GLOBAL MARKETS/ )