A global stock index edged up to a six-year high yesterday, supported by encouraging US economic data as traders focused on today’s meeting of the European Central Bank and tomorrow’s US jobs numbers, either of which could move markets significantly.

The safe-haven yen touched a 10-week low against the US dollar while spot gold bounced back one per cent after recent losses, and Brent crude futures hit a fresh five-month low.

New orders for US factory goods rebounded more than expected in February, with shipments posting their biggest gain in seven months in a sign the economy was regaining momentum after a recent weather-driven slowdown. Separate data showed US companies picked up the pace of hiring in March, with 191,000 jobs created.

On Wall Street, stocks edged up after the S&P 500 closed at a record high on Tuesday.

“We are in positive economic data territory but to continue to make new highs, we are going to have to see improvement, not just good but great, and that is why we are holding tight here,” said Art Hogan, chief market strategist at Wunderlich Securities in New York.

The Dow Jones industrial average rose 30.44 points or 0.18 per cent, to 16,563.05, the S&P 500 gained 4.2 points or 0.22 per cent, to 1,889.72 and the Nasdaq Composite added 8.415 points or 0.2 per cent, to 4,276.454.

The safe-haven yen touched a 10-week low against the US dollar

The pan-European FTSEurofirst 300 index edged up 0.3 per cent, on track for its seventh straight winning session, boosted by gains at food group Nestle and Deutsche Post.

MSCI’s global equity index ticked up 0.2 per cent to hit its highest since December 2007.

Among commodities, Brent crude fell 1.2 per cent to $104.36 a barrel after falling more than two per cent overnight. US crude eased 0.6 per cent to $99.17 a barrel after also falling around two per cent on Tuesday, amid expectations domestic inventories would grow.

“Oil prices are going to come down but not because of the global economy but because we’re finding more ways of getting it out of the ground,” said Karyn Cavanaugh, senior market strategist at ING US Investment Management in New York.

Spot gold rose one per cent to $1,291.80 an ounce a day after hitting its lowest since February 11 at $1,277.29.

“At the moment we are seeing some short-covering from those who had been waiting for a deeper correction but that shouldn’t take away from the fact that the main event remains the NFPs (non-farm payrolls) on Friday,” Saxo Bank senior manager Ole Hansen said.

US Treasuries yields edged higher after the job market data supported expectations of a strong nonfarm payrolls report tomorrow.

The benchmark 10-year US Treasury note eased 13/32 in price to yield 2.8063 per cent, compared to a yield of 2.76 per cent late Tuesday. The 30-year Treasury bond price fell 27/32 to yield 3.6499 per cent.

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