* U.S. stock futures hit highest since late Feb
* Oil steadies near 3-month high after output cuts extended
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
By Hideyuki Sano
TOKYO, June 8 (Reuters) - Global share prices edged higher
on Monday after a surprise recovery in U.S. employment provided
cause for optimism that global economies could quickly revive
after many weeks of lockdowns aimed at controlling the
coronavirus pandemic.
Oil prices erased earlier gains to stand almost flat after
OPEC and its allies, including Russia, agreed to extend record
oil production cuts until the end of July.
U.S. S&P 500 futures ESc1 rose as much as 0.8% to stand
near their highest since late February before giving up a bulk
of gains to last stand up 0.2% while Japan's Nikkei .N225 rose
0.9%.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 0.3%, extending its bull run to an eighth
consecutive day.
U.S. nonfarm payrolls rose by 2.509 million jobs last month
- in contrast with consensus estimates of a fall of 8 million
jobs after a record plunge of 20.687 million in April.
The Labor Department's closely watched employment report
also showed the jobless rate falling to 13.3% last month from
14.7% in April, a post-World War Two high. Economists had
forecast the rate jumping to 19.8%.
The promising data raised hopes of a quick economic recovery
as governments around the world ease social restrictions to stem
the virus.
"Lockdowns are getting lifted around the world and I can see
how that is cheering up the mood. But on the other hand, you
can't keep pushing up multiples forever," said Masaru Ishibashi,
joint general manager of trading at Sumitomo Mitsui Bank.
"I think many market players are scratching their head as to
how to interpret markets these days."
MSCI ACWI .MIWD00000PUS , an index covering 49 markets
around the world, has risen to levels last seen in late
February. But it is trading at 17.6 times forecast earnings over
the next 12 months, the highest in almost two decades.
The jobs data also bumped up U.S. bond yields, with the
10-year Treasuries yield rising to as high as 0.959% US10YT=RR
on Friday, a level last seen in mid-March. It last stood at
0.897%.
The sharp gains in U.S. bond yields over the past couple of
days put more focus on the U.S. central bank, which will hold a
two-day policy meeting ending on Wednesday.
Federal Reserve Chair Jerome Powell has said the U.S.
economy could feel the weight of the economic shutdown for more
than a year.
Chinese trade data published on Sunday also revealed the
impact from the coronavirus crisis.
Exports contracted in May as global coronavirus lockdowns
continued to devastate demand, while a sharper-than-expected
fall in imports pointed to mounting pressure on manufacturers as
global growth stalls. Oil prices gave up big gains from earlier in the session as
optimism over a deal by major crude producers to extend record
output cuts gave way to disappointment that the accord didn't
extend beyond the end of July. Brent crude LCOc1 climbed to as high as $43.41 a barrel
before slipping back to $42.65 per barrel. U.S. crude futures
CLc1 stood at $39.74 after having risen to $40.44.
Both hit their highest since March 6.
"The market has been rallying on hopes of economic
re-openings but the actual oil demand has not risen that much
yet. In a way, the market is supported by a flood of liquidity,"
said Tatsufumi Okoshi, senior commodity economist at Nomura
Securities, refering to monetary easing around the world since
March.
In the currency market, major currencies were little moved.
The Japanese yen stood at 109.53 to the dollar JPY= , near
Friday's 10-week low of 109.85.
The euro changed hands at $1.1289 EUR= , not far off a
three-month high of $1.1384 touched on Friday.
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World stock valuations https://tmsnrt.rs/2XIH51C
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(Editing by Lincoln Feast and Jacqueline Wong)