European stocks reach six year high

European stocks advanced to a six-year high after a report showed the US economy created more jobs last month than forecast. The Stoxx 600 has gained 0.9% this week as the ECB lowered interest rates and unveiled a package of cheap loans for the euro zone’s banks. The equity gauge has advanced for eight consecutive weeks, its longest winning streak since the summer of 2012 when the central bank’s president, Mario Draghi, said “the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.”

Draghi unveiled a series of refinancing operations worth as much as €400 billion. He also said officials would intensify work on a potential asset-purchase program. The ECB cut its deposit rate to minus 0.1%, becoming the first major central bank to take one of its main rates negative, and lowered its benchmark interest rate to 0.15% in an attempt to avoid deflation.

Asian stocks rose to a seven-month high, with the regional equities gauge posting a fourth weekly advance. The MSCI Asia Pacific Index climbed 0.3% to 143.4 as of 6.39pm in Hong Kong, its highest close since October. Japan’s Topix index rose, capping a third weekly advance, as investors weighed plans to bring forward an asset allocation review at the country’s biggest pension fund and awaited US jobs data. The Topix climbed 2.8% this week.

Emerging-market stocks rose to a two-week high and currencies strengthened after the European Central Bank announced stimulus measures and as the US released May payrolls data. The Ibovespa rallied the most among the world’s biggest benchmarks as eroding voter support for President Dilma Rousseff stoked speculation that a new leader will do more to boost Brazil’s economy. The MSCI Emerging Markets Index added 1.7%for the week.

West Texas Intermediate crude climbed as US payrolls exceeded their pre-recession peak, signaling greater fuel demand. Brent slipped as world leaders at D-Day commemorations in France discussed the Ukraine crisis.