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Global stocks and euro gain ahead of U.S. jobs report

Video Credit: Reuters Studio - Duration: 01:35s - Published
Global stocks and euro gain ahead of U.S. jobs report

Global stocks and euro gain ahead of U.S. jobs report

World stocks held their ground near three-month highs as the euro hit its highest level since March 10, thanks to Europe's stimulus boost, fueling hopes for a global rebound.

Ciara Lee reports

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A surge in world stocks continued on Friday (June 5) despite a week dominated by global demonstrations.

Investors appeared to be focusing on on governments around the world easing restrictions.

Markets held their ground near three-month highs.

The euro hit its highest level since March 10th, thanks to a European Central Bank stimulus boost announced on Thursday (June 4) afternoon.

Investors are pricing in an economic recovery, despite data showing severe damage across the global economy.

Led by a jump in banks, insurers, vehicle manufacturers and travel, the pan-European STOXX 600 jumped 1.3% in morning trade.

The index is around 15% below all-time highs, but has recovered more than 37% since March lows.

British Airways owner-IAG and Air France topped gains, rising over 11%.

MSCI's broadest index of Asia-Pacific shares outside of Japan rose 0.9%, reversing early losses to stay near a 12-week high.

The index is on track for its best weekly showing in over eight years.

World equity markets were thrashed in March when they hit "bear territory" on fears of a long and deep recession.

But market sentiment has since been bolstered by central bank stimulus.

Investor attention is now focused on Friday's U.S. employment report.

The unemployment rate is forecast to rocket to 19.8%, a post-World War Two record.

All eyes will then turn to the U.S. Federal Reserve, which holds its regular two-day policy meeting next week.

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