GLOBAL MARKETS-Stocks shrug off data, gold hits high, oil sinks

                                
   * Global stock markets recover after weak U.S. jobs data
                                
 * U.S. unemployment rate hits 10.2 percent, above forecast
                                
 * Crude oil prices fall on expected decline in demand
                                
 * Yen rises against dollar and euro
 (New throughout, adds comment, closing prices, background)
                                
 By Daniel Bases
                                
 NEW YORK, Nov 6 (Reuters) - Global equity markets ended the
week with gains on Friday, shrugging off initial shock at U.S.
jobs data, but oil prices never fully recovered.
                                
 Gold climbed to another record high, piercing through the
$1,100 an ounce mark after the data, before slipping back as
investors decided the jobless numbers were not so bad.
                                
 While U.S. President Barack Obama called the data
"sobering", the increase in the unemployment rate to a
higher-than-expected 10.2 percent, a 26-1/2-year peak, was
later discounted after the number of jobs reported lost in
August and September were revised down. For more see
[ID:nN06178752].
                                
 U.S. employers cut 190,000 jobs last month. Economists
polled ahead of the data had expected 175,000 job cuts and an
unemployment rate of 9.9 percent.
                                
 Daniel Katzive, currency strategist at Credit Suisse in New
York, said the jobs number was not weak enough to call into
question a global recovery story. At the same time, it was poor
enough to keep the markets thinking the Fed will hold rates for
some time.
                                
 For a chart showing the relationship between U.S. payrolls
and economic output, please click
on:http://graphics.thomsonreuters.com/119/US_PAYGDP1109.gif  
                                
 The Japanese yen rose against the greenback and euro. The
euro fell 1.1 percent to 133.56 yen <EURJPY=R>, after hitting a
session low of 133.22 yen. The U.S. dollar fell as low as 89.62
yen, according to Reuters data, and last traded 0.9 percent
lower at 89.90 yen <JPY=>.
                                
 Recently the weak global economic environment has led
investors to buy U.S. dollars for safety. However Friday's data
fueled the argument the Federal Reserve -- the U.S. central
bank -- will maintain near-zero benchmark interest rates in
order to facilitate cheap borrowing and investment.
                                
 The International Monetary Fund warned global financial
leaders on Friday not to repeat the mistakes of the Great
Depression and choke off emergency support for their economies
too quickly. Group of 20 finance ministers and central bankers
are meeting in Scotland. [ID:nL6727333]
                                
 HELPING HANDS
                                
 Helping to overturn the impact of the jobs report were two
analyst upgrades on shares of U.S. conglomerate General
Electric <GE.N>, a bellwether for U.S. economic activity. This
helped take some of the sting out of the stock market's initial
fall after the data. GE's share price surged 7 percent to
$15.44. [ID:nN06538139]
                                
 "GE got upgraded, which I thought was astonishing -- how
bold," said Cummins Catherwood, managing director at Boenning
and Scattergood in West Conshohocken, Pennsylvania.
                                
 "But the trend is better -- most of the stuff we see is
more positive than negative, or at least less negative than it
might have been."
                                
 At the close of trade, the Dow Jones industrial average
<.DJI> was up 17.46 points, or 0.17 percent, at 10,023.42. The
Standard & Poor's 500 Index <.SPX> rose 2.67 points, or 0.25
percent, at 1,069.30. The Nasdaq Composite Index <.IXIC> gained
7.12 points, or 0.34 percent, at 2,112.44.
                                
 For the week, both the Dow and the S&P 500 rose 3.2
percent, while the Nasdaq climbed 3.3 percent.
                                
 The MSCI world equity index <.MIWD00000PUS> rose 0.38 
percent while the emerging markets index <.MSCIEF> gained 0.67
percent.
                                
 European share prices also turned higher, with bank stocks
leading the way. Part-nationalized Royal Bank of Scotland
<RBS.L> gained 5.3 percent after it said it more than halved
third-quarter losses as impairments fell. [ID:nL6671701]
                                
 Europe's FTSEurofirst 300 index <.FTEU3> rose 0.2 percent,
up 1.6 percent for the week. Tokyo's benchmark Nikkei <.N225>
gained 0.74 percent to 9,789.35 on Friday after marking a
one-month closing low on Thursday. The Nikkei fell 2.44 percent
for the week.
                                
 Crude <CLc1> fell below $78 per barrel on prospects the
U.S. jobs data means energy demands will decline. U.S. light
sweet settled down $2.19, or 2.75 percent, to $77.43.
                                
 Spot gold touched a record $1,100.90 before retreating to
$1,094.80, still up $4.25 or 0.39 percent on the day <XAU=>.
                                
 Benchmark 10-year U.S. Treasury <US10YT=RR> prices rose
6/32 of a point in price to yield 3.503 percent.
                                
 In euro zone government bonds, the two-year Schatz
<EU2YT=RR> paper outperformed with yields down 4 basis points
at 1.28 percent, while 10-year Bund yields <EU10YT=RR> were up
1.9 basis points at 3.36 percent.
 (Additional reporting by Chuck Mikolajczak, Gene Ramos and
Gertrude Chavez-Dreyfuss in New York; Lucia Mutikani in
Washington; and Simon Falush, Joanne Frearson, George Matlock,
and Jessica Mortimer in London; Editing by Andrew Hay)