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Global Equities Climb to Record Before Key US Data

As traders turn their attention toward Friday’s crucial US jobs data, global equities are scaling record highs. A gauge of global stocks soared to a record high, driven by a series of soft US economic data which has revived hopes for the Federal Reserve to start cutting interest rates as soon as September.

European and US equity futures climbed ahead of the US non-farm payrolls report that’s expected to show some moderation.

“Given other evidence of a cooling economic backdrop — weaker ISM Manufacturing PMI and ISM Service Sector PMI reports — the payroll report could be increasingly decisive for the Fed as it seeks a rationale to signal an easing of rates,” said Quincy Krosby, chief global strategist for LPL Financial.

UK equity-index futures rose, and the pound held recent gains after the Labour Party won a majority of seats in Parliament, giving it a clear mandate to deliver on its pledge for greater economic stability.

In Asia, Japan’s Topix index briefly touched another record early Friday, having surpassed the previous high set in 1989 in Thursday’s session.

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