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Markets eye dovish tilt at Fed as Miran appointed

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Nasdaq futures rise, on track for third day of gains

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Gold futures jump on report of US tariffs

(Updates with comment, refreshes prices)

By Gregor Stuart Hunter and Amanda Cooper

SINGAPORE/LONDON, Aug 8 (Reuters) - Global shares rose

on Friday, along with the dollar, as investors clung to the view

that U.S. interest rates may fall further this year, while gold

futures rallied on a report of duties on U.S. imports of bullion

bars.

An index of world stocks traded near record highs, shrugging

off weakness on Wall Street overnight, and in Europe, shares got

a lift from a series of robust earnings and from optimism that

the hefty U.S. tariffs that kicked in on Thursday would be

subject to negotiation.

The outlook for monetary policy in the United States, a

linchpin for global markets, has become even more open to

question due to a series of changes at the Federal Reserve,

where policymakers are divided on the impact of inflation and

the central bank's leadership is shifting.

U.S. President Donald Trump said on Thursday he would

nominate Council of Economic Advisers Chairman Stephen Miran to

fill a vacant seat at the Fed for a few months while the White

House seeks a permanent addition to the central bank's governing

board and continues its search for a new chair.

Miran holds similar views to Trump, who has berated Chair

Jerome Powell for being "too late" in cutting interest rates,

even though growth is holding up and inflation is ticking

higher.

"It locks in a vote for rate cuts at all the meetings

between now and the end of January," said Ray Attrill, head of

FX strategy at National Australia Bank in Sydney.

"Markets are already travelling with a very strong

expectation that there will be a rate cut," he added. "Though

there's a question mark over whether he'll succeed in

ratification in time for the September meeting."

The MSCI All-Country index was up 0.1% on

the day, just below record highs struck two weeks ago, and was

heading for a 2% rise this week, its best performance since

mid-June.

Europe's STOXX 600 was up 0.2%. Zurich's SMI index

, which on Thursday shrugged off Switzerland's 39% U.S.

tariff coming into effect, eased 0.14%.

The market is also digesting a Bloomberg News report that

Fed Governor Christopher Waller is the top candidate to replace

Powell, whose term ends on May 15, 2026.

"The effective shock (from tariffs) is there. So the

question now is: How is it going to impact the economy and the

data, and when? Because up to now, up to now, let's be fair,

it's been less severe than most have anticipated," Lombard Odier

economist Samy Chaar said.

Overall tariffs may be lower than many had feared back in

April, but they are at their highest in at least a century.

Relief over lower-than-expected duties may be short-lived as

a result. A case in point would be the European Union, which now

has a 15% tariff, rather than the 50% that Trump had threatened,

Chaar said.

"That's the vulnerability in the market ... it is focusing

on the good news, which is not getting the 50%, but getting the

15%. And then the problem is that 15% is actually a big shock

and, at some point, it's going to show in the data," he said.

U.S. gold futures hit a record high after a report in the

Financial Times that the U.S. had imposed tariffs on imports of

1-kg gold bars, which comprise the bulk of Switzerland's bullion

exports to the U.S., citing a letter from Customs and Border

Protection.

Spot gold edged up 0.1% to $3,400 an ounce, while gold

futures rose as much as 2.3% to an all-time peak of

$3,477.

U.S. stock futures were both up 0.2%,

pointing to a modest rise at the opening bell later.

The rally for stocks comes "against the backdrop of an

emerging titanic dovish pivot at the Federal Reserve", said Tony

Sycamore, market analyst at IG in Sydney.

The yield on benchmark 10-year Treasury notes

rose to 4.2442%, unchanged from the U.S. close on Thursday,

after weak demand at an auction of 30-year bonds, the latest in

a string of lacklustre sales this week.

The dollar rose 0.1% against the yen to 147.24.

The euro dipped 0.2% to $1.1648, having gained 2.13%

in a month, while the dollar index, which tracks the

greenback against a basket of currencies of other major trading

partners, was up 0.2% at 98.21.