Stock markets rose on Thursday as investors bet Greece would pull off a bond swap needed to avoid a chaotic default and positioned for more upbeat news on the U.S. economy, Reuters reported. European shares opened higher, tracking gains for U.S. and Japanese markets overnight. Other assets, from copper and gold to oil, along with commodity-linked currencies such as the Australian dollar, eked out gains, while the U.S. dollar took a back seat as investors took on more risk, although it rose against the yen. \"Investors are cautiously following the risk-on momentum,\" said Goro Ohwada, president and CEO at Aino Investment Corp, a Japan-based fund of hedge funds. The FTSE Eurofirst index of top European shares was up 0.5 percent to 1064.45 in early trade, extending a recovery from one-month lows hit on Tuesday. According to a Greek government official there has been a strong take-up of its bond swap offer by private investors ahead of a 2000 GMT deadline for acceptance of the deal, a key element in an 130 billion euro ($170.57 billion)second bailout. The Greek swap and U.S. nonfarm payrolls, due on Friday, are seen as a test of whether markets can build on the optimism of recent months and overcome patchy growth figures that have dented sentiment. The euro was up 0.2 percent to $1.3180, recovering from a three-week low of $1.3096 touched on Wednesday, while safe-haven German government bonds edged lower with the June futures contract down 3 ticks at 140.24. Market focus will be on a European Central Bank news conference to follow a monthly policy meeting where it is expected to hold interest rates at 1 percent. ($1 = 0.7622 euros)