© Reuters. A man works at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon/File Photo
By Chuck Mikolajczak
NEW YORK (Reuters) -A gauge of global stocks was higher on Friday, on track for its sixth straight week of gains, while U.S. Treasury yields rose following a strong U.S. jobs report forced markets to recalibrate the timing of rate cuts by the Federal Reserve.
U.S. job growth accelerated in November, with the Labor Department’s employment report showing nonfarm payrolls increased by 199,000 jobs last month, above the 180,000 estimate of economists polled by Reuters, after rising by an unrevised 150,000 in October. The unemployment rate fell to 3.7% from the near two-year high of 3.9% in October.
Ahead of the payrolls report, a run of data this week indicated some softening in the labor market, while data in recent weeks showed a cooling of inflation and led markets to increase expectations the Federal Reserve would have the leeway to cut interest rates as soon as March.
Expectations for a March cut of at least 25 basis points (bps) slipped to about 52%, according to CME’s FedWatch Tool, down from about 65% on…
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