GLOBAL-MARKETS-Asian stocks hug 3-month highs after surprise U.S. jobs recovery, oil ticks up

* Asian stock markets rise for eight straight session
* European stock index futures ease in Asian trade
* Oil prices rise after output cuts extended
* Asian stock markets: https://tmsnrt.rs/2zpUAr4

(Adds new quotes, updates prices)
By Hideyuki Sano and Anshuman Daga
TOKYO/SINGAPORE, June 8 (Reuters) - Asia shares advanced on
Monday after a surprise recovery in U.S. employment lifted hopes
of a quicker global economic revival after many weeks of
lockdowns aimed at controlling the coronavirus pandemic.
European markets were headed for a weaker open, with
pan-European Euro Stoxx 50 futures STXEc1 down 0.5% and FTSE
futures FFIc1 easing 0.3%. U.S. S&P 500 futures ESc1 inched
0.15% higher but gave up most of the gains made earlier in the
day.
"As we get more and more data that perhaps confirms that the
economy is really on the mend and the second wave of infections
may not be very severe, then that will boost confidence even
further," said Vasu Menon, senior investment strategist at OCBC
Bank Wealth Management.
MSCI's broadest gauge of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 0.23%, extending gains to an eighth
straight day. The index has surged 34% from 4-year lows struck
in mid-March when the world was grappling with the pandemic.
The new wave of optimism was triggered by U.S. nonfarm
payrolls, which unexpectedly rose by 2.509 million jobs last
month - versus 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 a surprise fall in the jobless rate to 13.3% last
month from 14.7% in April, a post-World War Two high.
The data raised hopes of a quick economic recovery as
governments worldwide ease social curbs aimed at stemming the
virus.
"There are many clients who are cash-rich and are prepared
to put money to work. The fear of missing out is very much
real," said OCBC's Menon.
"You see clients actually wondering whether they should get
into the market because they are suddenly seeing the momentum
turn."
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 not seen since 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 lockdowns continued to
sink demand, while a sharper-than-expected fall in imports
pointed to mounting pressure on manufacturers as world growth
stalls. In Japan, revised gross domestic product data for the first
quarter showed the economy contracted less than initially
thought, though the outlook suggested the nation was facing its
worst postwar slump due to the pandemic. Brent crude LCOc1 climbed 2% to $43.16 per barrel, while
U.S. West Texas Intermediate (WTI) crude CLc1 put on 1.6% to
$40.18 a barrel. O/R
"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, referring to monetary easing around the world since
March.
The broad improvement in sentiment weighed on both the
safe-haven Japanese yen and the dollar. The yen stood at 109.4
to the dollar JPY= , near Friday's 10-week low of 109.85.
The euro changed hands at $1.1287 EUR= , just shy of a
three-month high of $1.1384 touched on Friday.
Against the pound GBP=D3 , the dollar fell 0.25% to
$1.2702, close to its lowest since March 12.

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