World stock markets rose Monday after the Group of 20 leading rich and developing countries agreed to maintain their stimulus measures in the wake of weak U.S. employment figures.
At a meeting in Scotland, the countries' finance ministers pledged to "continue to provide support for the economy until the recovery is assured" after U.S. jobs figures Friday showed unemployment at a 26-year high of 10.2 per cent.
"Asset markets have taken comfort from the continued co-ordinated pro-growth plans of the G20, with equity markets remaining supported," said Hans Redeker, an analyst at BNP Paribas.
In Europe, the FTSE 100 index of leading British shares was up 61.21 points, or 1.2 per cent, at 5,203.93 while Germany's DAX rose 78.58 points, or 1.4 per cent, at 5,566.83. The CAC-40 in France was 43.84 points, or 1.2 per cent, higher at 3,751.13.
U.S. stocks were also expected to open higher. Dow futures were up 73 points, or 0.7 per cent, at 10,051 while the broader Standard & Poor's 500 futures rose 9 points, or 0.8 per cent, to 1,075.20.
Though stocks have managed to garner some gains after the G20 meeting, the U.S. dollar has continued to fall as the finance ministers steered clear of any attempt to talk up the U.S. currency.
The dollar weakened broadly on Monday, pushing the euro above $1.50, after a weekend G20 meeting and U.S. jobs data last week did little to alter the view that U.S. interest rates will stay low for some time.
The conviction that U.S. - and other - interest rates will remain low for the foreseeable future and liquidity still plentiful boosted demand not just for non-dollar currencies but for a range of other assets from equities to gold.
Oil rose more than $1 to above $78 a barrel after Hurricane Ida forced the shut in of U.S. oil and gas facilities.
U.S crude for December delivery rose $1.31 to $78.74 a barrel by 10:12 GMT, just off a session high of. The contract had fallen by 3 per cent on Friday.
London Brent crude gained $1.28 to $77.15.
Hurricane Ida was downgraded to Category 1 on Monday, but only after U.S. oil companies had shut in production and evacuated workers.
Gold touched a record high above $1,100 an ounce on Monday, while the MSCI world equity index increased by around 2.5 per cent.