Global equities rose on Friday as investors anticipate further U.S. interest rate cuts. European shares saw their biggest weekly gain in 12 weeks, led by banking stocks. Gold futures hit a record high amid uncertainty over U.S. import tariffs on common gold bar sizes. Investors watch for a potential Russia-Ukraine ceasefire.

President Trump nominated Stephen Miran for a short-term board seat at the U.S. central bank, aligning with Trump’s views on rate cuts. Miran’s nomination could lock in rate cuts through January. Fed Governor Christopher Waller may also be a possible Fed chair contender, reports Bloomberg News.

Stocks globally rose, with the Dow Jones up 0.47% and the S&P 500 up 0.78%. European stocks climbed 0.2%, buoyed by upbeat corporate results and expectations of more Fed rate cuts. U.S. tariffs went into effect, but optimism remains that negotiations could soften the impact.

Tariffs may not be as severe as anticipated, with the EU facing a 15% tariff instead of the threatened 50%. Despite lower tariffs, the impact on the economy may still be significant. U.S. Treasury yields rose after weak auctions, and gold futures settled higher after news of potential tariffs.

Brent oil settled up at $66.59 per barrel, while U.S. crude remained unchanged at $63.88 per barrel. Oil prices were pressured by a tariff-hit economic outlook and concerns over Russia-Ukraine tensions. The yield on the U.S. 10-year note rose, and the dollar index strengthened against major currencies.

Read more at Yahoo Finance: Global stocks gain, gold futures hit record