GLOBAL MARKETS-Global stocks up for 10th day, dollar firm

* Global stocks up for 10th day, longest run in 5 yrs

* Sovereign bond markets show signs of rejuvenation

* U.S. Treasuries under pressure, 30-year yield above 3 pct

* India stocks dive 5 pct after Satyam scandal (Adds European open, updates prices)

By Lincoln Feast

SINGAPORE, Jan 7 (Reuters) - Global stocks rose on Wednesday, extending a rally into a 10th straight day, inspired by hopes massive U.S. government spending and tax cuts will continue to support the dollar and stimulate demand for exports.

Asian stocks hit a two-month high but European indexes opened slightly weaker, snapping a six-session winning streak. [.EU]

The U.S. dollar was heading for a fourth day of gains against the euro on expectations U.S. President-elect Barack Obama will soon unveil a package of spending and tax cuts worth around $775 billion.

"U.S. stocks, hopes for Obama, and a reversal of the broad dollar-selling positions made in December will support the dollar, possibly until Obama officially takes office later this month," said Kengo Suzuki, a currency strategist at Shinko Securities in Tokyo.