LONDON (AFP) - European stock markets pushed ahead in early trading as investors cheered a plunge in crude oil prices and fresh post-election gains on Wall Street.
The London FTSE 100 index won 0.33 percent to 4,743.80 points on Friday, heading towards a new 28-month closing high.
In Frankfurt the DAX 30 climbed 0.92 percent to 4,078.73 points while in Paris the CAC 40 advanced 0.68 percent to 3,788.05 points.
The DJ Euro Stoxx 50 index of leading eurozone shares rose 0.66 percent to 2,878.29 points.
The euro stood at 1.2866 dollars.
Dealers took their cue from New York, where shares soared Thursday as crude oil prices slumped and Wall Street extended its celebration over President George W. Bush`s re-election victory.
The broad-market Standard and Poor`s 500 index rose to its highest level since March 2002, rallying 1.62 percent to close at 1,161.67.
The Dow Jones Industrial Average of 30 top stocks leapt 1.75 percent to 10,314.76 points, while the technology-laden Nasdaq index advanced 0.96 percent to 2,023.63 points.
New York`s main oil contract plummeted to a six-week low as traders` relief at a sharp rise in American crude inventories finally overwhelmed a post-US election rally.
New York`s benchmark contract, light sweet crude for delivery in December, tumbled 2.06 dollars to 48.82 dollars a barrel -- the lowest close since September 23.
In Asia stocks rose by 1.06 percent in Tokyo and by 0.94 percent in Hong Kong on Friday.
Stock market dealers were turning their attention towards a key US labour market report due for release later Friday.
"After all the excitement of the US elections, the thought of refocusing on mundane issues like the US jobs data is trying," Nomura Securities investment strategist Anais Faraj wrote in a note to clients.
But with a US interest rate decision due next Wednesday, and a 25 basis point hike widely discounted, the employment data would almost certainly move the markets, he predicted.
"In our view, a triple-digit payrolls gain would be enough to keep the S and P 500 on its current bullish course," added Faraj.
In London shares in Standard Chartered rose 1.40 percent to 1,016 pence as bid speculation surrounded the emerging markets bank, dealers said.
An article in the Financial Times claimed a dispute between the company and its largest shareholder has renewed questions about the future of the London-based emerging markets bank.
According to the paper, the family of Khoo Teck Puat, the late Singapore billionaire investor, denied comments by Standard Chartered chairman Byran Sanderson that it was unlikely to sell its 13.5 percent stake.
The paper said the family asked the bank to "refrain from further speculation on this issue".
Shares in Capgemini advanced 2.40 percent to 20.48 euros in Paris as investors welcomed news that the French IT firm has won a 10-year outsourcing contract worth 1.6 billion euros from Schneider Electric.
In Frankfurt Allianz rose 2.41 percent to 89.20 euros after Swiss bank UBS upgraded its stance on the stock to `buy` from `neutral`, expecting a positive contribution from all of the bancassurer`s four divisions in 2005.
11/05/2004 - 14:17 GMT - AFP