Global equity markets extended a rally on Monday that drew strength from a forecast-beating U.S. jobs report last week that bolstered confidence in the American economy and the Federal Reserve's monetary policy, but the dollar gave up some of its gains.

US stocks fluctuated amid an unexpected decline in jobless claims, while European equities plunged and the euro rose on concern additional stimulus will fail to boost inflation and revive the economy.

June E-mini S&Ps (ESM14 +0.03%) this morning are up +0.05% at a new all-time high and European stocks are up +0.25% at a 5-1/2 year high after manufacturing activity in China last month expanded at the fastest pace in 5 months.