By Chikako Mogi

TOKYO, Nov 26 (Reuters) - Asian shares rose on Monday on the

hope Greece can avoid a near-term bankruptcy, with euro-zone

finance ministers meeting later in the day, but a regional

Spanish vote favouring separatist parties clouded Madrid's push

for fiscal austerity.

Expectations that an agreement will be reached soon to

disburse crucial aid for debt-stricken Greece, and Germany's Ifo

business climate index rising for the first time in seven months

in November, boosted the euro and riskier assets broadly and

reduced appetite for the safe-haven dollar on Friday.

'If there really is an agreement on Greece today, the euro

could rise above $1.3 against the dollar and 107 against the

yen,' Masafumi Yamamoto, chief FX strategist at Barclays in

Tokyo, said in a research note.

The euro was at $1.2966, hovering near a three-week

high of $1.2991 reached on Friday, and traded at a

seven-month peak of 107.10 yen on Monday.

The dollar inched up 0.1 percent, after falling to a

three-week low of 80.128 against a basket of major currencies on

Friday as risk appetite gained.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent after rising to a two-week

high on Friday and ending its best week in more than two months

with a 2.5 percent gain.

Australian shares were up 0.2 percent on gains in

energy and mining stocks, and South Korean shares opened

up 0.4 percent.

Japan's Nikkei stock average opened 1.1 percent

higher at a seven-month high. Japanese financial markets were

closed on Friday for a public holiday.

'Although some investors are cautious against the fast-paced

gains in the Japanese market, they will likely stay buyers on

the back of the improving trading environment in the global

market,' said Hiroichi Nishi, general manager at SMBC Nikko

Securities.

Some analysts said risk sentiment may be weighed by Spain's

regional elections in Catalonia on Sunday.

Separatists in Spain's Catalonia won regional elections on

Sunday but failed to get the resounding mandate they need to

push convincingly for a referendum on independence.

The separatists parties win could raise concerns about the

negative impact to the Spanish economy and its fiscal

conditions, as Catalonia accounts for 20 percent of the economy

and provides the most tax revenue to the central government.

'If the government is forced to give more autonomy to

Catalonia in its fiscal policy, it risks derailing the push for

fiscal austerity in other provinces, raising the possibility of

shifting market focus back to Spain from Greece and undermining

the euro,' Yamamoto said.

European shares posted their best weekly gain so far this

year after rising for a fifth day on Friday, while U.S. stocks

rose for a fifth day, getting a lift from bellwether technology

firms Intel and Microsoft in light volume

after Thursday's U.S. Thanksgiving holiday.

Germany's Ifo index, rising on the back of exports outside

the euro zone and the prospect of strong Christmas sales,

offered hope Europe's growth engine can retain some momentum.

As investors warmed towards risk, the Thomson

Reuters-Jefferies CRB index, a global commodities

benchmark, rose to its highest close since Oct. 23 on Friday --

its best weekly performance since mid-September with a 1.9

percent gain.

Spot gold eased 0.1 percent to $1,749.98 an ounce on

Monday after rising above $1,750 for the first time in five

weeks on Friday as a drop in the dollar and options-related

buying triggered a technical breakout.

Analysts said Friday's gains could lead to a test above the

$1,800 level which bullion has not seen since its rally to a

record $1,920.30 in September 2011.

U.S. crude was down 0.2 percent to $88.07 a barrel.

(Additional reporting by Ayai Tomisawa in Tokyo; Editing by

Michael Perry)

((chikako.mogi@thomsonreuters.com)(+813 6441 1871 Reuters

Messaging: chikako.mogi.thomsonreuters.com@reuters.net))

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