Overview

• Markets price multiple U.S. rate cuts this year, with about an 11% chance of a 50-basis-point move next week, according to CME FedWatch.
• Spot gold set a fresh peak near $3,659 an ounce while Treasury yields hovered near five-month lows, reflecting rising confidence in Fed easing.
• European shares were steady to higher, helped by dealmaking that included Anglo American’s $50 billion merger agreement with Teck Resources.
• Japan’s Nikkei briefly topped 44,000 before closing down 0.5% after Prime Minister Shigeru Ishiba said he would step down, adding political uncertainty.
• Indonesia’s rupiah and stocks fell more than 1% after President Prabowo Subianto removed Finance Minister Sri Mulyani Indrawati, while France’s ouster of Prime Minister Francois Bayrou drew a muted market response.