The FTSE 100 reached a 14-year high yesterday while the S&P 500 hit a new record level, lifted by M&A activity.
Shares across Asia fell on Thursday after latest Chinese manufacturing data came in at a seven-month low.
CONTRARIAN INVESTOR
Multi-asset managers have been hiking their cash weightings after a rocky start to the year for global equity markets.
Impending US employment data expected to show a further improvement in the country's economy sparked gains for equity indices around the globe overnight.
The S&P 500 saw its biggest gain in more than a month on Thursday, supported by technology stocks and strong GDP data.