* MSCI ex-Japan rises for a second straight day
* Chinese shares start lower, CSI300 index off 1%
* Dollar softens to two-week lows
* Crude oil prices rise on economic recovery hopes
By Swati Pandey and Chibuike Oguh
SYDNEY/NEW YORK, April 7 (Reuters) - A gauge of Asian shares climbed to three-week highs on Wednesday as investors eyed the upcoming earnings season for further signs of a global economic recovery, while the dollar slipped to a two-week low.
MSCI's broadest index of Asia-Pacific shares outside of Japan .MIAPJ0000PUS was up 0.3% for its second straight day of gains. It went as high as 697.01, a level last seen on March 18.
Chinese shares, however, were weaker with the bluechip CSI300 index .CSI300 down about 1% after a strong rally last week.
"The U.S. economy is experiencing the first effects of a powerful double-dose vaccine of broad inoculation and fiscal stimulus," said David Kelly, chief global market strategist at J.P. Morgan Asset Management.
"The reality is that forecasts remain very uncertain...(but) early signs show the recovery is accelerating, suggesting a faster return to 'normal' than many had dared to hope a few months ago," Kelly added.
Overnight, the three major Wall Street indexes closed lower, a day after the S&P 500 and the Dow rose to record levels driven by optimism from a greater-than-expected jobs report last Friday and data showing a dramatic rebound in the U.S. services industry on Monday. .N
Investors also weighed the latest U.S. job openings report, which showed that vacancies rose to a two-year high in February while hiring had its biggest gain in nine months amid increased COVID-19 vaccinations and additional government stimulus. the International Monetary Fund raised its global growth forecast to 6% this year from 5.5%, reflecting a rapidly brightening outlook for the U.S. economy. the upcoming earnings season expected to show S&P profit growth of 24.2% from a year earlier, according to Refinitiv data, investors will be watching to see whether corporate results further confirm recent positive economic data.
Elsewhere, the five-year U.S. Treasury yields dropped sharply to 0.874% US5TY=TWEB , weighing on the U.S. dollar. FRX/
The five-year Treasury yield is seen as a major barometer of how much faith investors have in the Federal Reserve's pledge that it does not expect to raise interest rates until 2024.
The dollar slipped to a two-week low against a basket of world currencies, with traders taking advantage of its strong March performance as dropping Treasury yields pressured the greenback. dollar index =USD fell to 92.258.
Crude oil prices rose on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report showing that crude inventories in the United States, the world's biggest fuel consumer, fell in the week-ended April 2. O/R
Spot gold XAU= was off a touch at $1,737.6 an ounce.
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http://tmsnrt.rs/2jvdmXl Global currencies vs. dollar
http://tmsnrt.rs/2egbfVh Emerging markets
http://tmsnrt.rs/2ihRugV MSCI All Country World Index Market Cap
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