Global stocks rally

On Friday Global stocks rallied after private American hiring data bolstered confidence in the global economy. Oil headed for a three-week low as U.S. output expanded.

European shares advanced and the MSCI World Index traded at a record following new highs in U.S. benchmark gauges. The dollar held on to gains triggered by a report showing companies added more workers to U.S. payrolls in May than forecast. Oil was poised for the biggest weekly drop since May 5, while industrial metals including copper declined, driving the Bloomberg Commodity Index to the lowest in more than a year.

Global equities extended this year’s advance to more than 10 percent, setting a fresh record, as data showed growth in the world’s largest economy is intact. With investors primed for an interest-rate increase at this month’s Federal Reserve meeting, all eyes will turn to the latest U.S. hiring report. Improving labor markets can help to assuage concern that controversy surrounding U.S. President Donald Trump will gridlock policy making.

The Stoxx Europe 600 Index increased 0.6 percent as of 6:37 a.m. in New York, with autos and banks gaining the most. Oil and gas shares fell along with miners. Futures on the S&P 500 rose 0.2 percent. The S&P 500, the Nasdaq Composite and Nasdaq 100 indexes each closed at fresh records on Thursday.

WTI crude oil dropped 3 percent to $46.91 a barrel. It’s on course to fall 5.8 percent this week as U.S. crude production expanded to the highest level since August 2015, countering a slide in stockpiles. Gold slid 0.2 percent to $1,263.39, heading for its first weekly drop in a month. Copper dropped 1.5 percent, leading industrial metals lower

The MSCI Asia Pacific Index climbed 0.9 percent to the highest since April 2015. The Nikkei 225 Stock Average rallied 1.6 percent and topped 20,000 for the first time since December 2015.