Global stock markets started the month of June in positive territory, hitting record highs as oil prices rose ahead of European and U.S. data that should provide clarity on the health of the world economy.
Stock markets have posted gains in recent weeks as traders balance optimism that the U.S. and other key markets are reopening after pandemic-induced lockdowns with concerns that rising inflation could prompt central banks to pullback stimulus programs.
Against that backdrop, Euro zone inflation numbers to be released on Tuesday (June 1) will give an indication of rising pressures in the trading bloc, while Friday's (June 4) U.S. jobs data should give an indication of near-term U.S. Federal Reserve policy action.
In advance of the data releases, MSCI's broadest gauge of global stock markets rose 0.3% to a record high on June 1, led by gains across Europe's leading indexes, with the STOXX Europe 600 up 0.7%.
U.S. stock futures pointed to higher openings on June 1, with the Dow Jones Industrial Average up more than 200 points (0.68%) in premarket trading.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6%, hitting its highest level in a month and taking total gains so far this year to 7%.
South Korean stocks rose 0.6% after a jump in May exports, and Chinese stocks climbed 0.2% after data showing factory activity expanded at the fastest pace this year in May.
Concerns about global inflation have driven gold up 8% over the past month to above $1,900 U.S. per ounce. Oil prices rose ahead of an OPEC+ meeting and on optimism that fuel demand will grow in coming months as the U.S. summer driving season gets underway.
Brent crude futures for August added 1.4% to $70.32 U.S. a barrel on June 1, while U.S. crude oil prices rose 2.3% to $67.81 U.S. per barrel.
