US shares joined equity gains in European andAsian markets extending a rally that's added $4.1 trillion to global equities this month as a run of weaker-than-estimated economic reports from China Europe and the US boosted speculation central banks will maintain stimulus measures.

Energy stocks led gains in Europe as oil rebounded after a four-day decline. The Standard & Poor's 500 Index headed for a third weekly advance. The Shanghai Composite Index had its best week in four monthson optimism China will accelerate reforms of state-owned companies. The dollar regained ground damping emerging-market currencies.

Weak economic news has proved positive for equities this month as traders speculate ongoing global uncertainty will stay the Federal Reserve's hand until 2016 and that policy makers from Europe to Asia will keep or increase monetary stimulus. US factory output fell in September for a second month. A Chinese stocks have rallied as the government unveiled further reforms of state-run industries.

"You may have no rate hike this year from the Federal Reserve and an extension of stimulus in Europe and in Japan so that's giving a boost to equities" said John Plassard a senior-equity sales trader at Mirabaud Securities in Geneva. "At the same time crude rebounded and earnings in the US and Europe were not so bad."

The S&P 500 added 0.2 per cent at 9.46am in New York headed for its longest streak of weekly gains since May. The gauge has rallied 8.4 per cent from the low during an August selloff.

The Stoxx Europe 600 Index advanced 0.6 per cent after gaining as much as one per cent. Glencore climbed 1.4 per cent as BlackRock increased its position on the miner. Carrefour rose 6.5 per cent after the French grocer reported a gain in third-quarter revenue.

The MSCI Emerging Markets Index added 0.2 per cent leaving it 0.9 per cent higher in its third weekly increase the longest run of gains in five months. The Malaysian ringgit slid from an eight-week high versus the dollar leading currencies lower.

The Hang Seng China Enterprises Index advanced to 0.8 per cent in Hong Kong taking its rise since the end of September to 13 per cent. The Shanghai gauge increased 1.6 per cent on Friday extending the weekly gain to 6.5 per cent.Friday's trading volumes were 34 per cent higher than the 30-day average and margin debt advanced for a sixth day on Thursday signs the market was luring back investors.

The Shanghai Composite has risen 16 per cent from an August low amid speculation that policy makers will introduce more measures to boost growth after a rout in equities that erased almost $5 trillion of market value. Data released this week showed consumer prices rose at a slower pace in September leaving more room to ease monetary policy.

A late surge in Indian lenders and industrials helped the benchmark stock index reverse an intraday loss and end higher for a third straight week.

The Sensex rose 0.8 per cent to 27214.60 points at the close after a rally in lenders in the final 90 minutes of the session helped the gauge cap a third week of gains the longest winning streak since July 5.

West Texas Intermediate crude rose 2.3 per cent to $47.43 a barrel trimming its slide in the week to 4.4 per cent still the most since August. Brent for December settlement gained one per cent on Friday to $50.20.

Gold for immediate delivery was little changed at $1182.45 an ounce leaving its 2.3 per cent higher on the week.

The Bloomberg Dollar Spot Index a gauge of the US currency against 10 major peers climbed 0.2 per cent in a second day of gains paring its drop in the week to 0.4 per cent.

The euro slid 0.2 per cent to $1.136 while the yen fell 0.2 per cent to 119.10 per dollar paring its weekly gain to one per cent.