(The opinions expressed here are those of the author.)

By Anna Szymanski

LONDON, September 5 (Reuters) - What matters in U.S. and

global markets today

By Anna Szymanski, Editor-In-Charge, Reuters Open Interest

Global equities rose on Friday, supported by growing

expectations of a U.S. interest rate cut. All eyes will be on

the upcoming U.S. jobs report later today, which could confirm

signs of a weakening labour market and reinforce the case for

easing by the Federal Reserve.

* The STOXX 600 and FTSE 100 gained in early trading as did

Asian markets, after the S&P 500 hit another record high

yesterday on news that U.S. jobless claims were higher than

expected. Traders now appear nearly certain that the Fed will

cut interest rates when it has its two-day meeting on September

17. The dollar consequently gave back some of its weekly gains

early on Friday.

* Long-dated European yields retreated from multi-year highs.

They had spiked earlier this week, partly reflecting investor

concern about government finances across the pond. UK borrowing

costs had hit their highest level since 1998 earlier in the

week.

* Oil is heading for its first weekly loss in three weeks on

concerns about rising supply and weakening demand. Reuters

reported on Wednesday that eight members of OPEC+ will consider

raising production further at a meeting on Sunday. Meanwhile,

U.S. crude inventories rose 2.4 million barrels last week,

rather than falling as analysts expected.

Today the ROI team will offer you some weekend reading

suggestions away from the headlines.

Today's Market Minute

* President Donald Trump gave Japanese automakers some relief by

cutting his high U.S. tariffs on their vehicles, but the reduced

levies still mean big pain for Japan's smaller car companies,

which will stay under pressure in the crucial market.

* Gold prices edged higher on Friday and were on track for their

best weekly gain in three months, as expectations of a Federal

Reserve rate cut bolstered bullion's appeal, while investors

awaited U.S. non-farm payrolls data due later in the day.

* Twenty-six nations have pledged to provide postwar security

guarantees to Ukraine, which will include an international force

on land, sea and in the air, French President Emmanuel Macron

said after a summit meeting of Kyiv's allies on Thursday.

* Worries over inflation, deteriorating U.S. fiscal health,

Federal Reserve independence, and geopolitical instability are

raising questions about the stability of long-term Treasuries.

In response, many central banks are turning back to that

"barbarous relic", gold, writes ROI markets columnist Jamie

McGeever.

* The $18.7 billion bid by Abu Dhabi National Oil Company

(ADNOC) for Australian liquefied natural gas producer Santos is

facing a far higher hurdle than just the amount of money on

offer. Read the latest from ROI columnist Clyde Russell.

Weekend reading suggestions

Here are some articles away from the day-to-day headlines

that you may find interesting, suggested by the Reuters Open

Interest team.

1. Mike Dolan,

Editor-at-Large for Finance & Markets: Critical to

understanding what happens next with the dollar, Council on

Foreign Relations fellow Brad Setser dissects the data on what

really happened when the dollar surged during the banking crash

of 2008 - and debunks a myth that foreign capital flowed to the

United States during the white heat of that crisis.

2. Ron Bousso,

Energy Columnist: The book Chokepoints: How the Global

Economy Became a Weapon of War by Edward Fishman offers a

fascinating look at how the United States has turned economic

sanctions into a major diplomatic lever.

3. Andy Home,

Metals Columnist: What makes a critical metal

"critical"? The answer is here in the latest U.S. Geological

Survey.

4. Jamie McGeever,

Markets Columnist: President Donald Trump abruptly

fired Erika McEntarfer, head of the US Bureau of Labor

Statistics, in reaction to the weak July payroll report. The

independent thinktank OMFIF writes that this triggered

frightening flashbacks to the Argentina of nearly two decades

ago.

Chart of the day

Gold is on track for its strongest weekly gain in three months,

largely thanks to rising expectations of a Federal Reserve rate

cut. ROI markets columnist Jamie McGeever discusses a major

milestone for the yellow metal: it now represents a bigger share

of central banks' reserves than Treasuries for the first time

since 1996.

Today's events to watch

* U.S August nonfarm payrolls

Want to receive the Morning Bid in your inbox every weekday

morning? Sign up for the newsletter

here

.

Reuters website

LinkedIn

X.

Opinions expressed are those of the author. They do not reflect

the views of Reuters News, which, under the Trust Principles, is

committed to integrity, independence, and freedom from bias.