GLOBAL stock markets powered ahead yesterday on renewed hopes that America’s money-printing presses will continue to roll. Upbeat US earnings and better-than-expected US jobs data added to the cheer, with the Dow Jones Industrial Average gaining 0.7 per cent in early trading to hit a record high.

In London the FTSE 100 Index was 62.4 points higher, at 6634.4.

Advertising and marketing firm WPP was one of London’s biggest risers after French rival Publicis said half-year profits rose 15 per cent to 314 million euros (£271.9m), adding that recent signs of economic slowdowns in China and Brazil were not impacting on its business.

The update came as a relief to investors in WPP, the world’s biggest advertising firm – owner of agencies Ogilvy and Mather and Burson- Marsteller – as WPP is due to post its half-year figures next month. Shares rose 42p to 1210p, up 3.6 per cent.

The biggest rise in the top flight came from London Stock Exchange after it reported a 39 per cent rise in first quarter revenues and said it was well placed to build on its positive start to the financial year. Shares lifted 110p to 1,590p.

Budget airline easyJet, was up 56p to 1406p, and Marks and Spencer was up 8.8p to 482.4p on the revival of vague bid rumours, with US suitors said to be in the frame this time.

But baby goods retailer Mothercare fell 7p to 463pp, as it emerged that UK sales were 0.9 per cent lower on a like-for-like basis in the 15 weeks to July 13, reflecting a very competitive market.

Analysts at N+1 Singer said Mothercare’s recovery remained on track despite the competitive UK market, adding that first quarter sales were likely to have been hit by the timing of Easter.