Global equities reached record highs ahead of crucial US jobs data, with the Labour Party's victory in UK elections contributing to the pound's longest winning streak in four years. The Federal Reserve is widely expected to cut interest rates as soon as September, fueling optimism among investors.
The number of available jobs in the US unexpectedly grew to 8.14 million in May from 7.91 million in April, according to the Bureau of Labor Statistics' JOLTS report. The manufacturing and government sectors saw the biggest increase in job openings.
Despite these positive signs, some concerns remain about record-breaking rallies in certain markets, such as China's central bank taking steps to sell government bonds to control market volatility.
Global stocks traded at all-time highs before Friday's US jobs data release. The Labour Party won the UK elections, resulting in a longest winning streak for the pound in four years. A series of soft US economic data has revived hopes that the Federal Reserve will start cutting interest rates as soon as September, pushing MSCI Inc.'s world index to a record.
European stocks rose for a third day Friday, while US equity futures pointed to slight gains when trading resumes on Wall Street after the holiday. Japan's Topix index touched a record high, surpassing its previous high set in 1989.
The number of available jobs in the US unexpectedly grew to 8.14 million in May from 7.91 million in April, according to the Bureau of Labor Statistics' JOLTS report released Tuesday.
Manufacturing and government sectors saw the biggest increase in job openings, with industries such as manufacturing, durable goods, real estate, leisure and hospitality all reporting significant gains.
Despite these positive signs for the labor market, some economists remain cautious about record-breaking rallies in certain markets. China's central bank has taken steps to sell government bonds to control market volatility following a record-breaking rally in the Chinese stock market.
