Global Stocks Hit Record Levels as Investors Eye US Jobs Data

Stock markets around the world are celebrating record highs as investors eagerly await a key piece of economic data from the US: the jobs report. This report, due out on Friday, is expected to show a slowdown in the job market, which has fueled speculation that the Federal Reserve might start cutting interest rates as early as September.

This potential for lower interest rates is acting like rocket fuel for stocks. A gauge of global stocks reached a record high on Friday, driven by recent reports showing a cooler US economy. Futures for both European and US markets are also climbing in anticipation of the jobs report.

"With other signs pointing to a slowing economy, like weaker manufacturing and service sector reports, the jobs data could be a tipping point for the Fed in deciding to ease up on interest rates," explained Quincy Krosby, a leading strategist at LPL Financial.

Here's a quick rundown of other market movers:

• UK Markets Cheer Stable Leadership: The Labour Party's landslide victory in the UK election is bringing stability to British markets. The pound is holding onto recent gains, and futures for UK stocks are rising.

• Japan Breaks Records: Japan's stock market briefly touched another record high on Friday, surpassing a level not seen since 1989. Emerging markets are also joining the party, with their benchmark index reaching a two-year high on Thursday.

• Europe Celebrates French Election Results: European stocks are rallying, particularly in France. This follows indications that the far-right National Rally party is unlikely to win a majority in this weekend's elections.

• Yen Stages a Comeback: The Japanese yen is strengthening against the US dollar for the second day in a row, bouncing back from its lowest level in decades.

• China Worries Linger: The Chinese stock market is on a losing streak, with seven straight weeks in the red. Investors are cautious ahead of a critical policy meeting later this month. Concerns about a weak domestic economy are dampening sentiment.

• Oil Prices Rise on Hurricane Worries: Oil prices are hovering near a two-month high as fears of a potentially severe hurricane season pick up. Shrinking US crude oil stockpiles are also hinting at increased demand.

• Gold Extends Gains: Gold is set for its second consecutive weekly gain, while Bitcoin has slumped to its lowest level since February.

The coming days will be crucial for markets as investors react to the US jobs report and other key events. Will the stock market party continue, or will China's worries spill over and cause a correction? Only time will tell.