Global equities rose as expectations for a Federal Reserve rate cut next week solidified due to poor U.S. jobs data. Attention now shifts to U.S. inflation releases. Markets are pricing in a 25-basis-point cut, with potential for a half-point move. Two-year Treasury yields near 3.55%, gold hit a record high.

Europe’s STOXX 600 rose, led by retailers, as French bond yields held steady after Macron named a new prime minister. Oil prices rose after Israel struck Hamas leaders, with Brent crude near $67 and WTI above $63. However, Middle East events have had limited impact on oil prices.

Poland shot down drones in its airspace during a Russian attack in Ukraine, marking NATO’s first shots in the war. Trump urged EU to impose tariffs on China to pressure Putin. A judge blocked Trump from removing a Federal Reserve governor. The Fed is expected to cut rates despite inflation concerns.

Gold prices have surged almost 40% this year driven by weak dollar, central bank purchases, dovish monetary policy, and geopolitical uncertainty. Today’s events include U.S. PPI data release and Treasury auction of 10-year notes. Subscribe to the Morning Bid newsletter for daily updates.

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