* MSCI's index of Asia-Pacific shares touches 1-mth high * China's official PMI falls to 50.9 in June from May's 52 * Euro edges up, hits fresh 3-week high * U.S. corn futures extend slide after record drop (Updates levels, adds comments) By Masayuki Kitano SINGAPORE, July 1 (Reuters) - Asian equities hit their highest level in nearly a month on Friday, lifted by receding fears of a default by Greece and encouraging data from the U.S. overnight, while the euro touched a fresh three-week high. Stocks in Asia opened the new quarter on a positive note, with the MSCI index of Asia-Pacific shares outside Japan touching its highest level since early June. The index was last up 0.4 percent at 483.13. The markets appear to have taken weaker-than-expected China data in their stride. The MSCI's index of Asia-Pacific shares briefly trimmed gains after the announcement but later regained ground. Financial bookmakers predicted that European shares were set to open flat to lower on Friday after hitting a near one-month high a day earlier. "Positive global economic data including from the United States and progress in Greece on its debt problems are stoking appetite for stocks today," said Lee Sun-yeb, a market analyst at Shinhan Investment Corp. Greece's parliament approved detailed austerity and privatisation bills on Thursday in a crucial vote to secure emergency funds and avert imminent bankruptcy. Data on Thursday showing that factory activity in the U.S. Midwest accelerated in June also helped lift equities, with Japan's benchmark Nikkei average rising 0.5 percent , and South Korean shares climbing 1.2 percent . The latest U.S. data and the receding concerns over Greece may help lift global equities from their recent doldrums, said Kiyoshi Noda, chief fund manager for MU Investments in Tokyo. "Equities have been struggling due to an economic slowdown in the United States, monetary tightening in China and emerging market economies, and the problems with Greece," Noda said. "But there are signs that all of these factors may have passed a peak," Noda said, adding that global equities seem poised to rise in the July-September quarter. The MSCI World Index had dipped 0.5 percent in the April-June quarter , having lost steam after rallying 3.9 percent in January-March. Asian equities took in their stride data showing that China's factory sector grew at its slowest pace in 28 months in June. China's official purchasing managers' index (PMI) fell to 50.9 in June from 52 in May. Although the moderation in activity did not point to a sharp drop-off in Chinese economic growth for now, the data was slightly worse than forecast and led some analysts to predict China may be less aggressive in tightening monetary policy conditions later this year. ECB EYED The euro rose 0.2 percent to $1.4538 , having touched a fresh three-week high of 1.4545 at one point. The currency market will now focus on the European Central Bank's news conference following its policy meeting on Thursday, when it is expected to raise interest rates again, with data earlier this week showing inflation in June stabilised well above the bank's target. "The possible rate hike is already priced in and investors will now look for suggestions of any potential further hikes," said Sumino Kamei, a senior currency analyst at the Bank of Tokyo-Mitsubishi UFJ. "If such clues are not provided, the euro ... may be sold off even more aggressively," said Kamei. It would probably come under some short-term pressure anyway, because people would try to "sell the fact", she said. In commodities, U.S. corn futures slid 5.3 percent , extending their losses after tumbling 10 percent on Thursday, their biggest decline on record. U.S. corn futures took a dive on Thursday after a U.S. government report significantly raised crop prospects and stocks levels for the United States, alleviating worries of a global food shortage. The slide in U.S. corn futures had some traders fretting over the potential for knock-on effects on other commodities. But it could prove a welcome relief for Asian countries fighting to contain inflation. Gold was little changed at $1,498.70 an ounce , while U.S. crude oil prices CLc1 were down 84 cents at $94.58 a barrel. (Additional reporting by Jungyoun Park in Seoul and Antoni Slodkowski in Tokyo; Editing by Ramya Venugopal)

Source