Global stocks gain after US jobs and oil demand data fuel economic optimism ahead of the Bank of England rate decision

Global stocks gain after US jobs and oil demand data fuel economic optimism ahead of the Bank of England rate decision

Global stocks rose on Thursday after positive US employment data, improving oil demand and positive earnings reports fueled investor optimism about economic recovery. European investors especially were awaiting the Bank of England's interest-rate decision, although analysts did not expect any major changes to monetary policy.

US stock futures rebounded after a subdued trading close on Wednesday after President Biden expressed support for intellectual property waivers for the COVID-19 vaccine.

"US stocks are rising after solid economic data, calm in the bond market, and as the global economic recovery improves. A private payroll report and a couple of Service index readings suggest the US economic recovery continues but not at a breakneck pace." Edward Moya, senior market analyst at OANDA commented on Wednesday's market performance.

The positive sentiment carried on early on into Thursday morning. S&P 500 futures were last up 0.23%, Nasdaq futures were up 0.38% after falling for the seventh consecutive day on Wednesday and Dow Jones futures were up 0.2%, building on the record highs the Dow reached the previous day.

US 10-year Treasury yields fell after Treasury Secretary Janet Yellen and various Federal Reserve speakers provided reassurance about inflation. They were last at 1.566%, down 1.6 basis points.

European markets also made