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GLOBAL MARKETS-Stocks say au revoir to a successful 2013

Wayne Cole
Monday, 30 Dec 2013 | 7:02 PM ET

* Asian markets ending 2013 quietly with Tokyo shut

* Nikkei up 57 pct on year as BOJ action gains traction

* Yen remains under pressure as euro makes the running

* Gold set for its worst years in three decades

SYDNEY, Dec 31 (Reuters) - Global stocks are closing out 2013 sitting on sizable gains courtesy of super-easy monetary policies and an improving economic outlook, though some emerging markets have less to crow about as funds return to rich-world assets.

The yen remained on the defensive, having been bowled over for much of the year by the Bank of Japan's money-printing, while the euro was again proving surprisingly resilient.

Activity was sparse on Tuesday with Asia absent its star performer as the Tokyo market is shut for the rest of the week. On Monday, the Nikkei ended with gains of no less than 56.7 percent for the year in its best performance since 1972.

The rest of the region has been far more patchy, in large part due to a rotation of funds out of emerging markets and into European and U.S. assets as those economies improve.

MSCI's broadest index of Asia-Pacific shares outside Japan is essentially flat for the year, as were markets in Singapore, South Korea and the Philippines.

Australia and Taiwan have fared better, managing gains of 15 percent and 12 percent respectively.

While the S&P 500 finished flat on Monday it was still ahead 29 percent for the year, the its biggest annual gain since 1997. The Dow has risen 26 percent.

Likewise, most European stock indexes eased on Monday but stayed on track for their biggest annual gains in four years. The FTSEurofirst 300 was up 16 percent for the year.

The euro has also been performing well, reaching its highest against the dollar in over two years last week and making a five-year peak on the yen.

On Tuesday, the single currency was holding firm at $1.3797 to be up more than 4 percent for the year. Against the yen it was steady at 144.90 yen, while the dollar eased back just a touch to 105.02 yen.

The euro's resilience has frankly baffled many commentators and investors, who had expected tough economic conditions in some member states to weigh on the single currency.

But the euro has been boosted as banks in the region repatriate funds ahead of the year-end to shore up their capital bases before an ECB Asset Quality Review and as banks repay cheap crisis loans to the central bank.

The euro zone has also been running a colossal current account surplus, worth roughly 206 billion euros in the 12 months to October. That is far larger even than China's trade surplus and generates a steady and sizable demand for euros from exporters.

In commodity markets, hopes for global growth lifted copper and aluminium to four- and two-month highs.

Safe-haven gold was struggling at $1,197 an ounce, bringing its loss for the year to 30 percent. The attraction of equities and a general absence of inflationary pressures have the precious metal heading for its biggest annual fall in over three decades.

Oil prices came off their highs on signs crude exports from Libya might return to normal due to a possible end to a four-month blockage of a key port.

Brent crude settled 98 cents lower at $111.20 a barrel on Monday. U.S. oil futures were up 5 cents at $99.34 in early trade on Tuesday, but that followed a drop of $1.03 the previous day.