Equities rallied Friday awaiting key US jobs data that was set to reveal more evidence of the economic bloodbath caused by the coronavirus pandemic. Stock markets and oil prices are enjoying strong recoveries as traders look beyond the grim data releases to focus on the easing of lockdowns that are enabling businesses to reopen. It comes as Friday's US report is expected to show the highest unemployment rate in 90 years. "Stock markets are charging higher again... ahead of what is expected to be a horrific US jobs report," said Craig Erlam, senior analyst at Oanda trading group, as he pointed to "the grand economic reopening and authorities everywhere pumping out cash like it's going out of fashion". Hopes remain high that the world economy is on the right track to recovery following mind-boggling stimulus and central bank help, while countries from Asia to Europe and the US ease out of restrictions. The latest support came from the European Central Bank, which on Thursday ramped up its emergency bond-buying scheme by a bigger-than-expected 600 billion euros ($674 billion) to 1.35 trillion. The euro traded around near-three months highs against the dollar Friday. While ECB chief Christine Lagarde warned the eurozone economy would contract 8.7 percent this year, she predicted a rebound over the next two. The focus now turns to Washington, where the Commerce Department is forecast to reveal another 8.5 million jobs were lost in May, sending the jobless rate to close to 20 percent or even higher. Figures on Thursday showed 1.9 million more people applied for jobless claims last week, taking the total to more than 42 million because of the shutdowns. "A gnarly (figure) is likely to herald the highest unemployment rate since the Great Depression," said AxiCorp's Stephen Innes. "It will be hard for the US employment report for May... to shock markets, given the nonplussed reaction to recent labour market data. "Still, the sticker shock of near-20 percent unemployment suggests US equities may need a rapid recovery in the critical job metrics to justify these elevated levels, let alone for stock markets to punch higher," Innes added. Oil markets are meanwhile on course for a sixth weekly rise as the reopening of economies boosts demand, while major producers led by Russia and Saudi Arabia close in on an agreement to extend their huge output cuts. OPEC's 13 members led by Saudi Arabia and their allies, including Russia, who had originally been due to meet June 9 and 10, will now meet on Saturday to talk about cuts, an OPEC source said Friday. London - FTSE 100: UP 1.0 percent at 6,361.22 points Frankfurt - DAX 30: UP 1.4 percent at 12,607.58 points Paris - CAC 40: UP 1.7 percent at 5,096.01 EURO STOXX 50: UP 1.6 percent at 3,314.12 Tokyo - Nikkei 225: UP 0.7 percent at 22,863.73 (close) Hong Kong - Hang Seng: UP 1.7 percent at 24,770.41 (close) Shanghai - Composite: UP 0.4 percent at 2,930.80 (close) New York - Dow: UP 0.1 percent at 26,281.82 (close) West Texas Intermediate: UP 2.3 percent at $38.28 per barrel Brent North Sea crude: UP 3.0 percent at $41.19 per barrel Euro/dollar: DOWN at $1.1328 from $1.1331 at 2050 GMT Dollar/yen: UP at 109.25 yen from 109.16 yen Pound/dollar: UP at $1.2634 from $1.2588 Euro/pound: DOWN at 89.65 pence from 89.99 pence dan-bcp/rfj/jh