Morning Bid: Bad news bulls

Market Overview - Global equities experienced an increase as expectations for a Federal Reserve rate cut solidified following disappointing U.S. job data [1] - The Labor Department reported that U.S. job growth was overstated by 911,000 over the past year, indicating a longer-term decline in labor market momentum [2] - Markets are fully pricing in a 25-basis-point Fed cut on September 17, with an increased likelihood of a half-point move due to the employment data [2] Interest Rates and Treasury Yields - Two-year Treasury yields are around 3.55%, while 10-year yields have risen to 4.09% [2] - The Federal Reserve is expected to cut interest rates next week despite inflation remaining around 3%, which is above the target [4] Commodity Markets - Gold reached a record high of $3,673.95 per ounce before a slight pullback, with prices rising again early on Wednesday [2] - Global oil benchmarks increased following military actions in the Middle East, with Brent crude trading near $67 and WTI above $63 [2] European Market Dynamics - Europe's STOXX 600 index rose slightly, driven by strong sales momentum from Spanish fast-fashion giant Inditex [2] - French bond yields remained stable after the appointment of Sebastien Lecornu as prime minister, indicating continuity in pro-business reforms [2] Geopolitical Events - Poland's military engagement in response to Russian attacks marks a significant escalation in NATO's involvement in the conflict [4] - U.S. President Donald Trump's call for EU tariffs on China aims to exert pressure on Russia, reflecting ongoing geopolitical tensions [4]