(The opinions expressed here are those of the author, a

columnist for Reuters.)

By Mike Dolan

LONDON, Sept 4 (Reuters) - What matters in U.S. and

global markets today

By Mike Dolan, Editor-At-Large, Finance and Markets

Ailing around the world caught a break yesterday on a mix

of signals, decent and ebbing .

The bond bounce and easing speculation added to on its

antitrust win to again on Wednesday, with index futures up

again ahead of Thursday's bell. The day ahead brings another

stream of labor market updates ahead of Friday's critical August

payrolls report.

* Fed futures rallied to fully price a quarter point interest

rate cut later this month after news of falling U.S. job

openings added to a downbeat readout from the central bank's

'Beige Book' on economic conditions and relatively dovish

soundings from Fed officials. Two-year Treasury yields hit a

four-month low. The U.S. Senate Banking Committee will hold a

hearing on Thursday to consider President Donald Trump's nominee

to the Fed board Stephen Miran while central bankers around the

world fretted about potential threats to Fed independence.

* Long-dated government bond yields around the world pulled

back from record or multi-year highs on Thursday in tandem with

the 10 basis point slide in 30-year Treasuries from yesterday's

5% peak, with Japan's 30-year equivalent also getting a break

after a bond sale there drew enough demand to calm the horses

despite being the lowest bid-to-offer rate since June. UK

30-year gilts rallied too with a 20bp drop in yields from

Wednesday's highs. The dollar was firmer.

* Japan and the United States are in the final stages of talks

to implement lower tariffs on Japanese automobile imports within

10-14 days after a U.S. presidential executive order. Japanese

stocks rallied, but Chinese stocks sharply underperformed

generally higher world stocks - falling the most in nearly five

months after media reports of possible regulatory curbs on

speculation.

Today's column explores why the so-called 'Fed put' may not work

for long-maturity bonds and why lower central bank rates could

actually aggravate the problem.

Today's Market Minute

* Donald Trump's administration asked the U.S. Supreme Court on

Wednesday to swiftly hear a bid to preserve his sweeping tariffs

pursued under a 1977 law meant for emergencies after a lower

court invalidated most of the levies that have been central to

the Republican president's economic and trade agenda.

* Alibaba

(9988.HK) ByteDance and other Chinese tech firms remain keen

on Nvidia's (NVDA.O) artificial intelligence chips despite

regulators in Beijing strongly discouraging them from such

purchases, ⁠four people with knowledge of procurement

discussions said.

* North Korean leader Kim Jong Un said his country would "fully

support" Russia's army as a "fraternal duty", and Russian

President Vladimir Putin called the two countries' ties

"special", state media KCNA reported on Thursday.

* A notable trend this year has been the often-counterintuitive

market reactions to U.S. President Donald Trump's efforts to

upend many long-held economic norms. One of the biggest

surprises, writes ROI markets columnist Jamie McGeever, has been

the appreciation of China's yuan.

* The high-stakes energy diplomacy in Beijing this week

signals China's willingness to defy U.S. President Donald

Trump's efforts to isolate Russia and assert U.S. energy

dominance.

Read the latest from ROI energy columnist Ron Bousso.

Chart of the day

U.S. job openings fell to a 10-month low in July and there

were more unemployed people than positions available for the

first time since the COVID-19 pandemic, data consistent with

easing labor market conditions evident in that month's broader

employment report.

With reports on private sector payrolls and layoffs for

August, along with weekly jobless claims numbers, due on

Thursday, the signals for July will be held up to the light and

Friday's August employment report is then likely to be pivotal

for Fed easing expectations.

Today's events to watch

* U.S. August layoffs from Challenger (7:30 AM EDT) US

August ADP private sector payrolls (8:15 AM EDT) weekly jobless

claims (8:30 AM EDT), July goods trade balance (8:30 AM EDT)

August service sector surveys from S&P Global (9:45 AM EDT) and

ISM (10:00 AM EDT), Q2 labor costs and productivity (8:30 AM

EDT); Canada July goods trade (8:30 AM EDT)

* Senate Banking Committee holds hearing on nomination of

Stephen Miran to the Federal Reserve Board (9:00 AM EDT)

* New York Fed President John Williams and Chicago Fed

President Austan Goolsbee both speak

* German Chancellor Friedrich Merz, UK Prime Minister Keir

Starmer and NATO Secretary General Mark Rutte take part in talks

with Ukraine's President Volodymyr Zelenskiy in Paris

* U.S. corporate earnings: Broadcom, Copart, Lululemon

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(The opinions expressed here are those of the author, a

columnist for Reuters)