GLOBAL MARKETS-Stocks skip higher ahead of U.S. jobs data

* MSCI world index rises for 4th day
* All major Asian, European indexes in the green
* Copper at 6-month highs on supply fears
* Investor focus on U.S. employment data due later in the
day
* Most currencies gain ground against a weaker dollar

By Marc Jones
LONDON, July 2 (Reuters) - World stocks rose for a fourth
straight day on Thursday as encouraging coronavirus vaccine
trials kept investors' spirits up ahead of what was expected to
be a record rebound in U.S. jobs figures later.
Economists polled by Reuters expect a bumper 3 million U.S.
jobs to have been added in June on top of the 2.5 million
created in May, and some generally reassuring data from both
Asia and Europe this week.
Despite the ongoing rise in global virus cases, Asian equity
markets saw their biggest daily rise in over two weeks
overnight, aided by news that a vaccine being trialled by Pfizer
PFE.N and Germany's BioNTech BNTX.O had been well tolerated
in early-stage human tests. .N
Europe made a strong start, with banking, travel and
carmaker stocks driving 1-2% gains for its main bourses, and the
euro helped back up towards $1.13 by another drop in the dollar.
/FRX
"The big thing today is the U.S. non-farm payrolls... but by
and large risk has been bid and the dollar has been weakening,"
said RBC FX strategist Alvin Tan.
"What has really helped sentiment (in the last 24 hours) has
been some of the preliminary results on a vaccine".
A vaccine for COVID-19, which has now killed more than half
a million people globally and sent the world economy into deep
recession, has been long anticipated. In a sign the positive sentiment will extend, E-minis for
S&P500 ESc1 rose 0.8%, while bond markets were also favouring
risk over safety.
The 10-year Germany Bund yield broke above -0.4% for the
first time in a week in its biggest daily jump in a month after
improved euro zone manufacturing data the previous day, while
Portugal's borrowing costs hit a 3-month low. GVD/EUR
All major Asian indexes had been upbeat. Japan's Nikkei
.N225 rose only fractionally, but China's blue-chip index
.CSI300 added 2% and Hong Kong's Hang Seng .HSI jumped 2.8%
as investors brushed off concerns over sweeping new security
laws introduced by Beijing. VS THE VIRUS
Attention was quickly turning to the U.S. employment figures
later that will feed debate on whether the world's largest
economy can sustain its fragile recovery in the face of rising
COVID-19 cases in some key parts of the country.
"A better-than-expected outcome could go some way to
settling the near-term debate that the U.S. labor market will
heal relatively quickly and justify new highs in U.S. equities,"
said Stephen Innes, strategist at AxiCorp.
In commodities, the most-traded August copper contract on
the Shanghai Futures Exchange SCFcv1 touched 49,570 yuan
($7,016.28) a tonne, its highest of the year. Top copper consumer China posted better-than-expected
manufacturing data in June, while U.S. manufacturing activity
rebounded and the factory sector in Germany contracted at a
slower pace.
In Chile, where the number of COVID-19 cases have been
climbing, miner BHP BHP.AX said it would begin to slow
production at its small Cerro Colorado copper mine.
Oil prices climbed and gold eased as encouraging macro data
prompted investors to take on more risk. O/R GOL/
Brent crude LCOc1 climbed 30 cents to $42.37 a barrel.
U.S. crude CLc1 rose 35 cents to $40.17 a barrel. U.S. gold
futures GCcv1 were 0.21% lower, at $1,776.20.
The dollar was largely unchanged against the Japanese yen at
107.45. The euro was higher at $1.1293, sterling GBP= rose to
$1.2520 and the risk-sensitive Australian and New Zealand
dollars AUD=D3 NZD=D3 were 0.3% and 0.5% stronger
respectively.

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