Global stocks climbed yesterday after a lukewarm US jobs report softened expectations for an imminent rate hike from the Federal Reserve and regional activity gauges pointed to an economic expansion during June.

Europe’s broadest index hit a record high yesterday, and was set for its biggest weekly gain in over a month.

The pan-European STOXX 600 reached 651.77 before settling to a steadied 648.74. Germany’s DAX index rose 0.1 per cent while the French and UK indices were a touch lower on the day.

MSCI’s broadest index of world shares rose 0.4pc.

“Europe’s Stoxx 600 ended the week with a bang as investors lapped up utilities, industrials and basic materials stocks,” Dan Coatsworth, at investment platform AJ Bell, said in a…