Global stock markets climb on US jobs data

Stock markets rose and the dollar held steady on Thursday as strong jobs data showed the resilience of the US economy.

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Investors were also keeping a close eye on President Donald Trump's bid to push through a tax-cutting budget and reach trade deals.

London’s stock market and the pound recovered, having taken a knock Wednesday on rumours that British finance minister Rachel Reeves faced losing her job.

Oil prices fell, with OPEC and the group's crude-producing allies expected to announce a rise to output Sunday.

Investors had been keenly awaiting the US government’s monthly non-farm payrolls report, seen as one of the best data points on the health of companies and the labour market.

Job growth came in at 147,000 last month, beating expectations, and rising from an upwardly revised 144,000 figure in May.

"The much stronger non-farm payrolls data means a July rate cut is now no longer in consideration, which is music to stock market bulls' ears", said City Index and FOREX.com analyst Fawad Razaqzada, because it indicates the economy is in good health.

Wall Street's main indices rose, the S&P 500 and Nasdaq Composite pushing up from record closes on Wednesday.

"But with the July 9 tariff deadline looming next week, can stocks retain their gains ahead of the long weekend?," added Razaqzada.