Upbeat jobs report boosts world stocks

By IBTimes Staff Reporter | September 03 2010 11:34 AM

World stocks jumped on Friday while the low-yielding yen and government bonds tumbled after a closely-watched U.S. jobs report showed a smaller-than-expected decline in non-farm payrolls. width=398

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U.S. employment fell for a third straight month in August, but the decline was far less than expected with non-farm payrolls falling 54,000. Private payrolls growth surprised on the upside, easing pressure on the Federal Reserve to boost growth with additional easing measures.

MSCI world equity index was up 0.5 percent while the FTSEurofirst 300 index extended gains to stand up 1.3 percent. U.S. stock futures were up around one percent, pointing to a firmer open on Wall Street later.

Gold hit a session low of $1,240 an ounce.

The yen fell nearly one percent to 85.11 per dollar.

The dollar was down 0.15 percent against a basket of major currencies.

U.S. Treasuries fell broadly after the data.

(Reporting by Natsuko Waki)