* World stocks set for biggest weekly rise in 3 years
* Euro pauses after 1 pct gains, eyes on summit
* Non-farm payrolls data onfirm U.S. uptick
* U.S. stock futures rise
By Sujata Rao
LONDON, Dec 2 World stocks extended gains
on Friday, on track for their biggest weekly gain since November
2008 as a key U.S. jobs release was in line with expectations,
reinforcing the view that recovery in the world's biggest
economy is gaining momentum.
Markets have posted strong gains after central bank moves
earlier this week cut funding costs for banks and also signs
that euro zone policymakers are working hard to resolve a
compromise deal[ ID:nL5E7N11XQ] ahead of a Dec. 9 summit, viewed
as make-or-break for the 12-year old single currency bloc.
World stocks on the MSCI all-country index
were up 0.6 percent. The index is up 8.5 percent this week.
U.S. shares were poised for gains after data showed that the
economy created 120,000 jobs last month, while the jobless rate
dropped to a 2-1/2 year low of 8.6 percent, further evidence the
economic recovery was gaining momentum.
"This is a pretty handsome looking report in my mind.
"The U.S. has clearly turned a corner," said Eric Lascelles,
chief economist at RBC Global Asset Management in Toronto.
S&P 500 futures rose 14.1 points while Dow Jones
industrial average futures jumped 112 points, and Nasdaq
100 futures added 24.75 points, pointing to s strng open
on Wall Street
The dollar, meanwhile, brielfy extended gains against the
yen and was last at 77.861, up 0/2 percent on the day.