* Euro hits 6-month high vs dollar, 1-yr high vs yen
* S&P futures hit record high before giving up gains
* Oil extends rebound from 5-month lows on output cut hopes
* Markets take China trade data in stride
* European shares expected to rise, French shares up 0.9 pct
By Hideyuki Sano
TOKYO, May 8 (Reuters) - The euro hit a six-month high against the dollar on Monday while Asian shares gained and U.S. stock futures briefly touched a record high, on investor relief after centrist Emmanuel Macron comfortably won the French presidential election.
Macron's emphatic victory brought comfort to investors and European allies alike, who had been nervous about the risk of another populist upheaval, following Britain's vote to quit the EU and Donald Trump's election as U.S. president - neither of which had been predicted by pollsters or bookmakers.
European shares look set to advance, with financial spread betters expecting a 0.9 percent gain in France's CAC, up 0.8 percent in Germany's DAX and 0.4 percent higher in Britain's FTSE.
"Looking ahead towards the end of month, there appear to be few potential risk factors. 'Sell in May' may not happen this year," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.
The common currency gave up gains later, with some market participants citing uncertainties on whether Macron's, rebranded La Republique En Marche, can get a parliamentary majority in elections in June, as a factor.
"We expect the focus to shift to French legislative elections in June. These will be crucial for determining Macron's ability to implement his economic program, which includes labour market reforms that would make it easier for French businesses to hire and fire," said analysts at BlackRock in a note.
Still, the relief of the centrist's victory was palpable.
The euro rose to as high as $1.1024, its highest in about six months, before stepping back to $1.0984, 0.1 percent below late U.S. levels last week.
"The uncertainty had been low in the first place so we are seeing some buy-on-rumour-sell-on-facts type of trading. But fundamentally, I don't see any changes in the euro's uptrend," said Kazushige Kaida, head of foreign exchange at State Street in Tokyo.
Earlier the common currency hit a one-year high of 124.58 yen and a five-month high of 1.08865 Swiss franc .
Easing risk aversion helped the dollar rise to a seven-week high 113.14 yen.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.8 percent, snapping a three-day losing streak.
Japan's Nikkei gained 2.3 percent to hit a near 1 1/2-year high after a five-day weekend due to the Golden Week holidays.