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| - Asian and European stocks climbed Friday as mostly bright economic data and US stimulus hopes eclipsed long-running inflation fears, dealers said. London stocks rose 0.3 percent at midday, with traders welcoming another forecast-beating reading on US jobless claims that reinforced optimism about the recovery in the world's top economy. Elsewhere, Frankfurt added 0.6 percent and Paris won 0.7 percent, as upbeat eurozone survey data topped news of another contraction in the French economy. The euro steadied versus the dollar while oil prices climbed on signs of strengthening US crude demand. "Rising eurozone economic sentiment and the prospect of further stimulus in the US have boosted the mood in the markets on Friday," said OANDA analyst Sophie Griffiths. "Eurozone economic sentiment suggests that regional recovery is ready to take off." The European Commission's key eurozone sentiment indicator soared to 114.5 in May. That was "markedly" above its pre-pandemic level, according to the data release, and compared with 110.5 in April. "The headline surveys in the eurozone continue to signal barnstorming growth midway through Q2 as the economy gradually reopens, and vaccination continues apace," added Pantheon Macroeconomics analyst Claus Vistesen. However, separate figures also showed Friday that the French economy contracted by 0.1 percent in the first quarter, confounding predictions of 0.4-percent growth. That extended France's lengthy recession which was sparked last year by the pandemic and ensuing lockdown restrictions. Yet commentators remain optimistic over the nation's overall outlook. "We still expect the gradual reopening of the (French) economy to lead to a strong rebound in activity," IHS Markit analyst Diego Iscaro told AFP. "Given the timing of the reopening, it is likely that the rebound will be reflected in the third quarter of the year and will be driven by a surge in private consumption." Equities also advanced on reports that US President Joe Biden is planning a $6 trillion budget proposal later today that includes his vast infrastructure deal and spending on families. And while the huge outlays are likely to add to inflationary pressures, investors were happier to look past that, opting instead to focus on the economic boost. Federal Reserve officials and Treasury Secretary Janet Yellen argue that any price spikes will be transitory. On Thursday, the Labor Department said 406,000 new seasonally adjusted claims for jobless benefits were made last week, 38,000 down on the week before, much better than predicted and a pandemic low. US media also reported that Biden will unveil his big-spending plan to give an extra jolt to the economy, even as it enjoys one of its best years of growth in decades. London - FTSE 100: UP 0.3 percent at 7,039.50 points Paris - CAC 40: UP 0.7 percent at 6,478.29 Frankfurt - DAX 30: UP 0.6 percent at 15,499.05 EURO STOXX 50: UP 0.6 percent at 4,064.69 Tokyo - Nikkei 225: UP 2.1 percent at 29,149.41 (close) Hong Kong - Hang Seng Index: FLAT at 29,124.41 (close) Shanghai - Composite: DOWN 0.2 percent at 3,600.78 (close) New York - Dow: UP 0.4 percent at 34,464.64 (close) Euro/dollar: DOWN at $1.2182 from $1.2195 at 2100 GMT Pound/dollar: DOWN at $1.4175 from $1.4207 Euro/pound: UP at 85.92 pence from 85.84 pence Dollar/yen: UP at 109.96 from 109.81 yen Brent North Sea crude: UP 0.3 percent at $69.69 per barrel West Texas Intermediate: UP 0.5 percent at $67.16 per barrel dan-rfj/lth
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