* MSCI Asia ex-Japan jumps 1.2 pct, Nikkei adds 0.8 pct
* Euro up 0.2 pct vs dollar, yen slips from highs as safety bids pared
* U.S. crude, Shanghai copper bounce off 2012 lows
* RBA cuts by 25 bps, sees China growth moderate, weakening in Europe
* European shares likely rise
By Chikako Mogi
TOKYO, June 5 (Reuters) - Asian shares, the euro and commodities rebounded on Tuesday, with stocks holding a touch above 2012 lows, as investors looked to European policymakers and the wider G7 to take decisive action to address the worsening euro zone crisis.
European shares were likely to extend their gains modestly, having firmed the day before on expectations for fresh steps to contain the region's debt problems. Spreadbetters tipped major European markets to rise by as much as 0.4 percent. U.S. stock futures were also up 0.4 percent.
Finance ministers of the Group of Seven leading industrialized powers will hold emergency talks by phone later on Tuesday, illustrating their heightening alarm about strains in the 17-nation euro area.
The move prompted traders to pare back their huge bets against the euro, which rose 0.2 percent to $1.2526, off last week's trough of $1.2288, its lowest in nearly two years.
Investors turned less pessimistic and looked for bargains in battered assets ahead of other two major events this week: the European Central Bank's policy decision on Wednesday and U.S. Fed Chairman Ben Bernanke's congressional testimony on Thursday.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.2 percent, snapping a four-day losing streak. It tumbled 2 percent during Monday's sell-off, which had been sparked by weak U.S. jobs data and bleak surveys of Chinese and European factory activity last week.
"Investors are pinning their hopes on the G7 and the ECB meetings and have taken on a bit of encouragement as well from signs of a German policy shift," said Ham Sung-sik, an analyst at Daishin Securities in Seoul.
"But we still need to see some tangible results to say a bottom has been carved out in the market."
The MSCI pan-Asian index's materials sector led the gains, lifting resource-heavy Australian equities 1.4 percent.
Japan's Nikkei average of major stocks also rose 0.8 percent and Tokyo's broader Topix index jumped 1.6 percent after the latter hit a 28-year low on Monday.
Shanghai copper bounced off its 2012 lows with a 1.5 percent jump on Tuesday, while U.S. crude rose 0.9 percent to $84.75 a barrel, off its lowest in nearly eight months hit on Monday. Brent rose 0.4 percent to $99.27.
But some industry experts saw the rebound in oil as only temporary, citing weaker demand in response to a slowing global economy, as well as easing international political tensions.
"Global demand is softening, we have got recessionary elements in Europe, a small slowdown in Asia Pacific," Royal Dutch Shell CEO Peter Voser told Reuters in an interview on the sidelines of the World Gas Conference in Malaysia's capital.
The benchmark Thomson Reuters-Jefferies CRB index, a global commodities benchmark, settled up 0.6 percent on Monday for its sharpest gain since April 27, after dropping almost 11 percent in May, the second-largest monthly decline since 2008.
The Australian dollar, which is closely linked to risk appetite, hit a session high of $0.9790, after the Reserve Bank of Australia cut interest rates by 25 basis points, citing modest domestic growth and a more uncertain global environment.
The yen traded off its peaks against the dollar and the euro, holding steady at 78.33 to the U.S. dollar and down 0.3 percent against the single currency at 98.15 yen.
A 0.2 percent drop in the dollar index, measured against a basket of key currencies, underpinned spot gold , which edged up 0.1 percent to $1,619.56 an ounce.
Bullion has been pressured recently by investors cashing in to cover losses as assets crashed across the board.
"The market sentiment has turned a bit more bullish since we broke above the key $1,600 level on Friday, as investors may favour gold as a safe haven again after the bad U.S. data last week," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
A recovery in riskier markets reduced the cost of insuring against corporate and sovereign defaults in Asia, narrowing the spread on the iTraxx Asia ex-Japan investment-grade index by 5 basis points.
The previous session's heavy selling, which started in Europe and North America on Friday and continued into Asia on Monday, has spurred hopes for more monetary stimulus, both from the ECB and a possible third round of quantitative easing from the Federal Reserve, to help stabilise markets.
Eiji Kinouchi, chief technical analyst at Daiwa Securities, said the G7, holding discussions ahead of the ECB's policy meeting, "might probably put pressure on the ECB to do something and such expectations will help support stocks".
But a Greek election on June 17 remains a major uncertainty, with surveys showing supporters and opponents of Greece's international bailout are virtually neck-and-neck going into a vote that may decide the nation's future in the euro zone.
"It is difficult to see anything sizable ahead of the Greek vote. The ball is more on the political side," said Sebastien Galy, strategist at Societe Generale. (Additional reporting by Hideyuki Sano in Tokyo, Sonali Paul in Melbourne, Joonhee Yu in Seoul and Rujun Shen in Singapore; Editing by Alex Richardson)