* Dollar slips after overnight gains, euro zone GDP grows
* World stocks drift higher; commodities gain
By Dominic Lau
LONDON, Nov 13 (Reuters) - The U.S. dollar eased on Friday after overnight gains and euro zone growth data showed the region pulled out of recession, boosting metal and crude prices, while world stocks drifted higher. The dollar rose overnight against a basket of currencies before succumbing to another sporadic bout of profit-taking, and traders said the currency's broad weakness was likely to continue over the longer term.
World stocks measured in the MSCI All-Country World Index put on 0.1 percent, lifted by a 0.3-percent rise in Europe's FTSEurofirst 300 index, though Japan's Nikkei average lost 0.4 percent.
U.S. stock index futures edged 0.3-0.4 percent higher, pointing to a firmer start on Wall Street.
The Dow Jones industrial average's six-day winning run came to a halt on Thursday, partly because a guarded outlook from Wal-Mart fanned worries about consumer spending.
"It's encouraging to see that the euro zone has returned to growth in the third quarter," said RBS currency strategist Paul Robson.
"Data out of China has been robust and policymakers around the world have indicated that they will keep monetary policy loose, which is broadly supportive of higher-yielding and commodity-related currencies."
The euro zone economy jumped out recession in the third quarter, but with slightly less spring than expected after the area's top three economies fell short of market forecasts.
The dollar fell 0.6 percent to 89.77 yen, while the euro was up 0.3 percent at $1.4889.
U.S. President Barack Obama kicks off his first official tour of Asia by meeting Japanese Prime Minister Yukio Hatoyama, then goes to Singapore, China and South Korea. High on the agenda will be U.S. calls for Asian countries to do more to stimulate domestic demand instead of relying on exports to America. That would likely require much of Asia, and China in particular, to let their currencies appreciate.
A state-run Chinese newspaper, however, played down speculation of an imminent significant rise in the Chinese yuan.
ASSET ALLOCATION
UBS said it retained its existing asset allocation of overweight global equities, a small overweight position in high-yield corproate bonds and commodities and a large underweight of cash. It was neutral on government bonds, high grade credits and inflation-linked bonds.
"Until leverage resumes market outcomes will be driven mostly by growth and earnings expectations," UBS said in a note.
"Importantly ... uncertainly about monetary policy 'exit strategies' is likely to boost market volatility next year. And with many asset classes now close to 'fair value', risk-adjusted returns are likely to be lower in the year to come."
The VDAX-NEW volatility index, a measure of investor risk appetite or aversion, was down 0.7 percent. The lower the volatility index, the higher is investors' appetite for risky assets such as equities.
Aided by the weaker dollar, crude prices rose above $77 a barrel, while gold advanced 0.4 percent to $1,108.45 an ounce.
Bullion has gained more than 5 percent as it marked a new record high in six out of the eight sessions through Thursday, touching an all-time peak of $1,122.85 on the view that dollar would remain weak.
Yields on benchmark 10-year U.S. Treasuries were steady at 3.446 percent, while those on 10-year Bund was down 3 basis points at 3.342 percent. (Additional reporting by Jessica Mortimer in London, Wayne Cole in Sydney and Miho Yoshikawa in Tokyo; Editing by Toby Chopra)