(Repeats to widen distribution)
* Equities climb but investors still cautious on risk
* Yen direction is unclear after 15-year high hit overnight
* Australian job numbers push Australia dollar to 4-mth high
* Rumours about China regulators spook commodity markets
By Kevin Plumberg
HONG KONG, Sept 9 (Reuters) - Asian stocks edged up and the yen held below a 15-year high on Thursday, after a small rally on Wall Street driven by successful European bond auctions gave investors an excuse to lighten up on their bets.
European shares eased, with the FTSEurofirst 300 opening down 0.2 percent, while Britain's FTSE 100 also fell 0.2 percent and France's CAC 40 and Germany's DAX both fell 0.4 percent.
The two biggest issues on investors' minds -- European financial stability and the slowing U.S. recovery -- held bargain hunting in check and risk taking to a minimum.
Australia was the exception, where rising equities led Asia on a solid labour market report, which also drove the Australian dollar to a four-month high.
With few major economic reports due, traders will probably focus on significant chart indicators for the rest of the day.
The 55-day moving average of the U.S. dollar index has been capping moves higher for the last three weeks, while the 100-day moving average is the closest obstacle in front of U.S. S&P 500 index gains.
Meanwhile, the yen's 11 percent rise this year has depressed Japanese equity valuations, with stocks trading at the cheapest relative to expected earnings since December 2008.
With uncertainty rife about how much longer the yen's climb has to run, investors were cautious about rebuilding their Japanese stock portfolios just yet.
"Worries about Europe were soothed somewhat following a bond auction in Portugal, and that prompted short-covering in the market, which was hit hard by the advance in the yen versus the dollar and the euro yesterday," said Tsuyoshi Segawa, an equity strategist at Mizuho Securities.
"But market players were reminded that Europe's sovereign concerns are continuing and that's not something that will improve right away," Segawa said.
CHEAP JAPAN
The Nikkei share average closed 0.8 percent higher but was still down 3 percent for the quarter and is the third-worst performing Asian stock market this year.
Japanese stocks were trading at 12.9 times expected earnings one year hence, the lowest since December 2008, when markets were in the midst of the financial crisis, Thomson Reuters I/B/E/S data showed.
"Relatively low prices may trigger occasional bottom fishing, but we do not see the market emerging from its downward spiral until momentum indicators stop deteriorating," TrimTabs Investment Research said in a report.
The MSCI index of Asia Pacific stocks outside Japan was up 0.6 percent, led by early gains in the materials sector. The index has risen 10 percent in the quarter so far, slightly outperforming the all-country world index's 8.6 percent rise.
Investors were skittish just about everywhere though and did not hesitate to dump positions on the slightest sign of trouble.
The Shanghai composite index led declining Asian markets, falling 1.4 percent after a sudden drop in commodities futures prompted some profit taking ahead of a slew of economic data to be released over the next few days.
The yen was steady with global equity markets edging higher. The dollar was at 83.64 yen, down 0.3 percent on the day but above a 15-year low hit on Wednesday around 83.34 yen.
The Australian dollar was a big mover on the day, rising as high as $0.9237, the highest since May. Australian employment in August was surprisingly strong, lifting the stock market and knocking bond futures lower.
"It's good news in a sense it means household income and spending will probably grow," Michael Blythe, chief economist at CBA in Sydney, said of the surge in Australian employment. "But it comes at the risk of rising inflation pressure as well."
U.S. oil and Brent futures traded nearly flat on the day, at $74.82 a barrel and $78.30 a barrel, cutting gains on chatter that Chinese regulators were investigating speculative funds in the rubber market. The rumour caused widespread weakness in China-traded commodities, from copper to zinc, analysts said. (Additional reporting by Aiko Hayashi in TOKYO; Editing by Alex Richardson)