World shares rally on unexpected U.S. job increase, oil steadies

Global shares advanced on Monday after an unexpected recovery in U.S. employment. This made investors optimistic that global economies could recuperate faster than previously thought.

Oil prices fell flat after OPEC and its allies, including Russia, agreed to continue slashing oil outputs until the end of July.

U.S. S&P futures currently stand at 0.2%. They previously inched up by 0.8%, placing near their highest since late February. Japan’s Nikkei rallied 0.9%.

MSCI’s broadest index of Asia-Pacific shares outside Japan soared 0.3%, recording eight consecutive days of positive performance.

The employment rate came out better than expected as nonfarm payrolls increased by 2. 509 million jobs in May. The strong numbers followed after the historic drop of 20.687 million jobs in April, beating the consensus estimates of 8 million job losses.