* World shares hit fresh record high, up 0.1%
* Shock U.S. jobs data ease concerns over Fed rate hikes
* Cyber attack lifts oil prices, copper at record high
* Dollar index inches up after hitting late Feb lows
By Danilo Masoni and Stanley White
MILAN, May 10 (Reuters) - World stocks ticked up to new
peaks on Monday on bets interest rates will remain low and the
economy continue its recovery, while oil prices jumped after a
cyber attack on a U.S. pipeline operator unnerved markets.
MSCI's gauge of stocks across the globe hit
a fresh record high and was up 0.1% by 0740 GMT, driven by gains
across Asian markets overnight and a steady open in Europe.
Europe's STOXX 600 regional benchmark was up 0.1%
in early deals, while MSCI's broadest index of Asia-Pacific
shares outside Japan rose 0.4%. S&P 500
futures were flat while Nasdaq futures fell 0.5%.
U.S. nonfarm payrolls data on Friday showed jobs growth
slowed much more than expected in April in a shock release that
gave equities a lift but put downward pressure on the dollar and
U.S. Treasury yields.
"A statistical fluke and/or a temporary pause in labor
market demand is the likeliest culprit for this report. However,
the Federal Reserve cannot afford to adjust policy without
concrete proof of a stronger labor market recovery," said
Natixis economist Troy Ludtka.
On Friday the Dow Jones Industrial Average and the
S&P 500 rose to record closing highs as the disappointing
data on the U.S. jobs market eased concerns about a spike in
consumer prices.
In recent weeks, some investors had been placing bets that a
robust U.S. economic recovery from the coronavirus pandemic
would force the Federal Reserve to tighten policy earlier than
the central bank has outlined.
However, the weak nonfarm payrolls report caused a rapid
reversal in some of these trades, which rippled through stocks,
bonds, and major currencies.
U.S. President Joe Biden said after the report that the
figures showed the economy was not at risk of overheating and
underscored how vital his administration's economic actions are.
"In the end, it is the best of all possible worlds for
equities: robust economy, strong earnings, but no monetary
policy tightening and more fiscal spending coming," said
Giuseppe Sersale, fund manager at Anthilia in Milan.
The focus now shifts to U.S. consumer price data due on
Wednesday, which will help investors determine whether they need
to scale back their inflation expectations even further.
The dollar index against a basket of six major
currencies edged up 0.17% to 90.301 but was just above its
lowest since Feb. 25 hit earlier in the session.
The British pound jumped to the highest in more
than two months against the greenback, but traders said worries
about Scottish independence could curb sterling's gains.
It was last up 0.5% at $1.406.
In the cryptocurrency market, ether rose 5% to a
fresh record above $4,000. Bigger rival bitcoin rose
1% to $58,862.
The yield on benchmark 10-year Treasury notes
added around 1 basis point to 1.597% after having plunged to a
two-month low of 1.469% on Friday.
Oil prices rose after a cyber attack shut down a U.S.
pipeline operator that provides nearly half of the U.S. east
coast's fuel supply.
Brent crude rose 0.5% to $68.64 per barrel as the
disruption to U.S. supplies rattled energy markets, while U.S.
crude ticked up 0.5% to $65.23 a barrel.
The White House was working closely with top U.S. fuel
pipeline operator Colonial Pipeline on Sunday to help it recover
from a ransomware attack that forced the company to shut its
main fuel lines.
Copper prices touched record highs on hopes for improved
demand amid tightening supply. Three-month copper on the London
Metal Exchange rose to $10,747.50 a tonne earlier in the
session before easing back slightly.
(Reporting by Danilo Masoni in Milan and Stanley White in
Tokyo; editing by Emelia Sithole-Matarise)