Stock markets extend global rally

Markets rallied again yesterday following another strong performance on Wall Street, as below-forecast US jobs data fanned optimism that the Federal Reserve had reached the end of its interest rate hiking cycle.

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After a tough year for traders, the bank's decision last week to pause on monetary policy for a second meeting and hint that it would not tighten further has provided some much-needed vigor, and sparked talk of a new year cut.

Those hopes were given a boost Friday by figures showing far fewer jobs than expected were created in October, while other data pointed to a slowing economy, easing pressure on policymakers to lift rates further.

"The recent deluge of economic data does not paint a picture of an impending recession," said SPI Asset Management's Stephen Innes.