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• Ivory Coast secures Africa's first sustainability-linked loan with World Bank guarantee scheme

  Ivory Coast has raised 433 million euros ($507 million) with Africa's first sustainability-linked foreign currency loan in a transaction that also comes with guarantees from the World Bank, arrangers of the deal said on Tuesday. In recent years, the West African nation has turned to sustainable financing to increase its resilience to climate shocks as well as diversify their funding sources. In July, it raised $337m in an ESG certified Japanese samurai Bond. The structure of the sustainability-linked loan helped Ivory Coast to "attract significant appetite from international investors and secure favourable financial terms," said Rothschild and Co, which advised the Ivorian government in the deal. The World Bank Group’s International Bank for Reconstruction and Development, or IBRD, offered a guarantee for the first loss while its Multilateral Investment Guarantee Agency provided a guarantee for the second. Hiroshi Mattano, MIGA's executive vice president, said in a press release that "we are helping Ivory Coast to secure financing at better terms, accelerate climate commitments and build resilience in key sectors." The terms of the loan, which are more favorable than standard financing, are tied to performance targets for renewable energy, prevention of deforestation as well as reforestation. Standard Chartered acted both as sole lender and lead arranger. The World Bank announced in December that it would support Ivory Coast with a debt for education swap. This was a first-ever transaction for this Washington-based lender.

• US stocks reach record highs as weak employment data fuels rate-cut bets

  U.S. stock prices briefly reached record levels on Friday, after data showed that U.S. employment growth had slowed in August. This led investors to increase their bets the Federal Reserve would cut interest rates this month by up to 50 basis points. Treasury yields fell on speculation that the Fed would lower rates more aggressively, and the U.S. Dollar dropped, but gold reached a record high, bringing it closer to $3600 per ounce. Equity markets are seen as a positive when interest rates drop, because it could result in lower borrowing costs for business. Gold, which doesn't pay interest, tends to shine as well when rates are low, and there is a lot of uncertainty. Art Hogan, strategist at B Riley Wealth Management, Boston, stated that "this number today puts back on the table a rate cut of 50 basis points at the next policy meeting." "More importantly, I believe 75-basis point before the end the year is pretty much a lock." The U.S. government reported that nonfarm payrolls rose by just 22,000 jobs in August, after a 79,000-job increase upwardly revised in July. This was below the forecast of 75,000. S&P 500 Index reached a record high of 6,532.65 in the early trading before reversing to be down by 0.4%. The Dow Jones Industrial Average hit a new record in the early minutes of trading before falling 0.6%. Meanwhile, the Nasdaq composite index lost 0.3%. The yield on the two-year Treasury fell by 11.8 basis points at 3.47%. Meanwhile, the yield on the benchmark 10-year Treasury dropped 10 basis points, to 4.078%. By 1440 GMT the MSCI World Equity Index had remained flat for the day, while Europe's STOXX 600 Index had fallen 0.2%. The FTSE 100 was down 0.1% and France's CAC40 lost 0.5%. The dollar index fell 0.6% to 98.023 while the euro rose 0.7% to $1.1732. The warning bell that was ringing in the labor markets a month ago has just gotten louder, said Olu sonola, director of U.S. Economic Research at Fitch Ratings. "An employment report that is weaker than expected all but confirms a rate cut of 25 basis points later this month." Fed Chair Jerome Powell fueled speculation about rate cuts with an unexpectedly dovish statement at the Fed symposium held in Jackson Hole last month. The market sentiment has improved in recent days, after the global stock markets fell this week, and European long-term bond yields reached their highest levels in years. Investors were concerned about various countries' finances and particularly Britain and France. France's 30 year yield was 4.3873% on Friday after reaching a high of 4.523% the previous day. The UK's 30 year yield was 5.553%. The benchmark German 10-year yield was 2.7051%. Data released on Friday revealed that German industrial orders fell unexpectedly in July. The U.S. has signed an agreement to lower auto tariffs for Japan after months of negotiation. The dollar fell 0.9% against the Japanese yen. The pair was trading at 147.05. The oil prices are in their third consecutive day of declines. Brent crude futures dropped 2.3% to $65.44 per barrel while U.S. West Texas Intermediate crude fell 2.4% to $60.96. The European Union energy commissioner said that the bloc would be happy to hear about President Donald Trump's plans to stop buying Russian crude. Gold spot was up by 1.1% to $3,584.39 an ounce after hitting a record of $3,597.66. This is the metal's strongest weekly gain since nearly four months.

• Andy Home: Myanmar mine still a major player in the tin market

  As the market waits for the Man Maw Mine to return in Myanmar, tin continues to outperform other base metals on the London Metal Exchange. Two years have passed since the mine was shut down for a resource assessment. Six months have passed since the authorities of the semi-autonomous Wa State invited new applications for mining permits. There is still no sign of a significant increase in activity. The flow of tin concentrats from Myanmar into neighbouring China is almost completely dry. The uncertainty surrounding Man Maw has reignited fund interest in buying tin, and the LME 3-month tin prices have risen from less than $30,000 per metric tonne in April to over $35,000 by the end of August. The tin supply is still a mystery to many speculators. WAITING FOR MAN MAW China's decreased imports of tin from Myanmar is a clear indication of the continued absence of Man Maw supplies. The flow of raw materials to Chinese smelters fell to 933 tons in the month of July. This suggests that activity has not yet resumed at Man Maw, and that other smaller mines in the country are also experiencing disruptions, perhaps due to the March earthquake that shook the country. Imports from Myanmar in the first half of this year have dropped by 77% compared to last year, and now total just 14,200 tonnes. Comparatively, the monthly average imports in 2022 and 2023 were 15,000 tons, when Man Maw still produced tin. The International Tin Association announced in July that the first permits for the mining of Man Maw had been issued. The Association warned it would be some time before actual tin production resumed and exports recovered. It has been proven. No Scratch China's tin-smelters have been able to compensate for the loss Man Maw, which was their primary source of supply until August 2023 when it was suspended. This year, the Democratic Republic of Congo emerged as the single largest supplier of tin concentrats. Imports from Australia and Nigeria also increased sharply. The total imports through July of 73,000 tonnes are down 32% on an annual basis. According to Shanghai Metal Market, the margins of Chinese smelters have been squeezed. Capacity utilisation in many areas of China was less than 70% last month. Many operators carry less than 30 day's worth of concentrates and take maintenance time in the hopes that raw material availability will improve when they return. Yunnan Tin is the largest producer of refined Tin in the world. It has shut down its Gejiu Smelter for 45 Days for its annual maintenance. The loss of Man Maw, however, has not yet caused any visible tightness in refined metals segment of the supply chains. The global exchange inventory is stable at over 11,000 tons for the past three months. This is a far cry compared to the days of true scarcity, in 2021, when stocks were down to 1,000 tons. Exports from Indonesia are recovering from the disruption caused by last year's permits. Exports of 30,000 tonnes to July 2024 were 64% higher than the same period in 2014. The escalation of trade tensions between China and the United States has also likely helped. Tin is used in the electronics industry to solder circuit boards. BULLS RETURN Tin bulls remain unabated. Funds increased their bets for higher prices up to 4,515 LME (22,575 tonnes), while short positions were reduced to only 610 contracts. The net positioning has remained the same since March when the price spiked up to a three year high of $38,395 a ton following news that the M23 insurgents had briefly taken control of the Bisie Tin Mine in the Congo. Bisie quickly returned to normal operations following the M23 withdrawal as part of the U.S.-brokered Peace Deal between Congo and Rwanda. Man Maw remains, however, conspicuous in its absence. Funds appear to be betting on the fact that production will not return to levels seen before closure. It's impossible to know if that assumption is correct, due to the near complete lack of information coming out of Wa State. When the raw material flow over the border into China begins to return to historic norms, the answer will be apparent. These are the opinions of the columnist, an author for.

• India's finance minister said that India would continue to purchase Russian oil despite US tariffs.

  India's finance minister stated on Friday that it will continue to purchase Russian oil if it is economical. This was despite the Trump Administration's decision to impose high import tariffs on Indian products due in part to its energy purchases. India, which is the world's largest purchaser of Russian crude oil, has taken advantage discounts on Russian production to become the biggest buyer. New Delhi says its purchases of Russian crude oil has kept markets balanced. Donald Trump, the U.S. president who is trying to end the Ukraine conflict by brokering a settlement, said that India's oil imports were helping to fund Moscow's military effort. He imposed a tariff of 50% on Indian imports last month. Speaking on CNN-News18 local news, Finance Minister Nirmala Sitharaman said that India, as the third largest oil importer in the world, has no plans to stop using Russian supplies. We will need to decide which source of supply is best for us. We will buy it, she said. She added that India spends the majority of its foreign currency on crude oil and refined petroleum products. Oil and refined fuel purchases from abroad accounted for approximately a quarter (25%) of total imports in the fiscal year ending March 2025. Sitharaman continued, "Whether we buy Russian oil or any other type of oil, our decision is to purchase from the location that best suits our needs, whether it be in terms if rates, logistics or anything else." This week, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin attended a Tianjin summit that Chinese President Xi Jinping organized as a show of solidarity with the West. Modi's attendance at the meeting, which some observers have dubbed the "Axis of Upheaval", alongside leaders of North Korea and Myanmar, was seen by some experts to be a result of New Delhi's fallout with Washington. The talks between the two countries aimed at negotiating an agreement to reduce the U.S. duty burden on Indian products have failed. The two sides have not met physically since last month's cancellation of a visit by U.S. Trade officials to New Delhi. U.S. Treasury Sec. Scott Bessent accused India of profiteering from importing Russian crude oil at lower rates and then reselling it at a higher price. In a Friday post on the social media platform Truth Social, Trump commented on Putin's and Modi’s visit to China. Looks like China has won India and Russia. They may have a prosperous and long future together! He wrote. (Reporting and writing by Nikunj Ohri, Editing by Joe Bavier; Writing by Hritam Mukerjee)

• Copper prices rise on weaker dollar and hopes of stronger Chinese demand

  The copper price rose on Friday, as a lower dollar and expectations of stronger demand in China boosted prices ahead of the U.S. Jobs Report later in the day that could provide greater clarity about the U.S. rate trajectory. In open-outcry official trading, the price of three-month copper at the London Metal Exchange increased by 0.5% to $9.947 per ton. On Wednesday, the contract reached a five-month peak of $10.038 due to the growing expectation of a U.S. rate cut in the latter part of the month. A lower interest rate improves prospects for metals that are growth-dependent, and a weaker U.S. dollar, which fell by 0.3% last week, makes metals priced in dollars more attractive to holders of other currencies. JX Advanced Metals, a leading copper smelter in Japan, said that it would likely cut its copper production by thousands of tons during the fiscal year that ends in March. Inventory in Comex warehouses in the U.S. The Comex copper futures, which were already at their highest level in 22 years, continued to climb this week because of the premium that remained between the LME benchmark and the Comex copper contracts. A copper trader stated that the premium fell at the end July when Washington removed refined copper metals from its import tariffs for some copper products. However, the drop was not enough to cause a sell-off of U.S. stock. Stocks at the LME registered warehouses The market was stable. It has risen by 74% since June and the discount on the cash for the next three months is still in place. At $61 per ton. Analysts at Macquarie wrote in a report that "Even though copper is still distorted due to the hangover from U.S. stockbuilding, LME spread has shown signs of a loosening ex China market. However, any price weakness seems to have been met with Chinese buying." Yangshan Copper Premium The price of copper, which is a measure of the demand for imported copper into China, remained at 57 dollars per ton, its highest level in three months. Other London metals rose in official activity by 0.8%, to $2.612 per ton. Zinc increased 0.7%, to $2.864.5; lead rose 0.5%, to $1.995; tin grew 0.3%, to $34,675; and nickel was up by 0.3%, at $15,275. (Reporting and editing by Hugh Lawson, Tomaszjanowski, Lucas Liew)

• As margins shrink, a major Japanese copper smelter will reduce output and capacity.

  JX Advanced Metals is likely to cut copper production in fiscal 2025 by tens or thousands of tons compared with previous plans. The company will also unveil a roadmap for reducing smelting capacities by March. Due to the shortage of concentrate and increasing smelting capacity, Japanese copper smelters have been struggling with tumbling treatments and refining costs (TC/RCs). Some Chinese smelters have agreed to process copper at no cost for Chilean miner Antofagasta. Hayashi said this week that "in the short-term, we plan on reducing annual electrolytic output by several tens thousands of tons compared to our previous estimate because we cannot purchase concentrates in current conditions." JX, a major copper smelter in Japan with a production capacity of 450,000 tons per year, warned that possible cuts could be made. Its fiscal period ends in March. Hayashi, who did not give a scale, said that Hayashi intends to shrink the capacity in order to reduce risk when it comes to concentrate procurement and smelting. JX exports roughly half of its refined copper, mostly to China. However, the demand for this product could fall as more domestic smelters are built. Mitsubishi Materials, a rival company, is also considering reductions. Hayashi, when asked if a lower output of copper would have an immediate impact on domestic industries, said that there would not be any immediate impact as only half was used in the country. He said that if more capacity is needed, then the government should support it. Hayashi said that despite the cuts, smelting is still essential to recover rare metals such as tantalum. This metal is critical for semiconductor materials and a key business growth. He said, "We are reviewing optimal scales from different perspectives including the use recycling materials." Sources in the industry said that mid-year negotiations between Japanese smelters, and global miners, broke down without a TC/RC agreement, forcing firms not to fulfill their contractual term supplies. Hayashi said that some miners were willing to negotiate with Japanese companies different terms from those of the Chinese benchmark agreements to sustain the fourth largest smelting industry in the world. JX has accelerated its shift away from mining and melting towards semiconductor materials. In June, JX announced that it would purchase a stake of the Copi mineral-sands project, which is led by RZ Resources in Australia, in order to secure rare metals for chip materials. Hayashi stated that the company is actively looking for new projects. He added that its future upstream deals will be much smaller than their previous Chilean copper mine investments, which resulted heavily in impairment losses. JX has improved investor engagement and streamlined its decision-making since its March listing. Hayashi, the CEO, expressed confidence that it would be able to achieve fiscal 2027 goals including an operating margin between 12% and 17%. JX wants to double its operating profit by 2040 to 250 billion yen (US$1.7 billion). Hayashi stated that "achieving our goal of 2040 will require both organic growth and large-scale M&A beginning in fiscal 2028." (Reporting and editing by Jamie Freed, Tomaszjanowski and Jamie Freed; Kentaro Okasaka and Yuka Obayashi)

• European stocks increase, and long-dated yields decline ahead of US employment data

  Early Friday, European stocks rose while bond yields on long-dated bonds fell as the markets awaited a rate cut by the United States. This helped to ease concerns over fiscal deficits across various countries. The S&P 500 reached a new record high on Thursday, after the weekly jobless claims data revealed more than expected. Overnight, Asian stocks followed Wall Street's upward trend. At 0752 GMT the MSCI World Equity Index had gained 0.3% for the day, and Europe's STOXX 600 Index was also up 0.4%. Both are expected to finish the week with a slight gain after recovering from the dip that occurred earlier in the week. The FTSE 100 and France's CAC 40 both rose 0.3%. According to LSEG, the markets are almost certain that the Fed will cut rates by a quarter point at the end of its two-day meeting. The monthly U.S. employment report, due in the afternoon session, will confirm traders' expectations. Stocks rise when the labour market is weaker, as it increases expectations that Federal Reserve will lower rates. Francesco Sandrini is the head of Amundi's multi-asset strategy. He said, "We saw yesterday the signs that there may be a weakened in the jobs market, which will pave the way for an agreement in September." Sandrini said that today's numbers can confirm, to a certain extent, an easing of the Federal Reserve. Fed Chair Jerome Powell reinforced speculation about rate cuts with an unexpectedly dovish address at the Fed symposium held in Jackson Hole last month. Ken Crompton is the head of rates at National Australia Bank. He said that unless there's a really stellar payrolls report, it's difficult to see anything that will change the market's mind about a September rate cut. The terminal rate, and how to get there, is still a question. The market sentiment has improved in recent sessions, after stocks in Europe and globally fell this week. Long-term bond yields have also reached their highest levels in years as investors were concerned about the financial state of different countries, especially Britain and France. The yields on 30-year bonds in France and the UK were lower on Friday. France's yield was 4.3944% compared to a high of 4.523% reached on Wednesday. The benchmark German 10-year yield is 2.7122%. German industrial orders fell unexpectedly in July, according to data released on Friday. The yields on Treasuries 30-years were at 4.8593%. They had reached their lowest level in three weeks, during Asian trading. The dollar index fell 0.2% to 98.054 while the euro rose 0.2% to $1.1678. The U.S. has signed an agreement to lower auto tariffs for Japan after months of negotiation. The dollar fell 0.3% against the Japanese yen. It was trading at 148.14. The oil prices are in their third consecutive day of declines. Brent crude futures dropped 0.5% to $66.65 per barrel while U.S. West Texas Intermediate crude fell 0.6% to $63.05 Gold was unchanged at $3,546.24, after reaching a record high of $3,578.50 earlier in the day.

• Iron ore gains for the second week in a row as dollar weakness overshadows supply problems

  The price of iron ore futures increased for the fourth consecutive session on Friday, and was heading to a second week-long gain as a weaker dollar and more bets for an interest rate reduction in the United States overshadowed a muted recovery in demand after a military display by China, which is a major consumer. As of 0814 GMT, the benchmark October Iron Ore traded on Singapore Exchange was 0.28% higher than its previous price at $105.1 per metric ton. The dollar has been weakening amid speculation of a U.S. Federal Reserve interest rate cut. The contract for the most traded January iron ore on China's Dalian Commodity Exchange closed daytime trading 0.77% higher, at 789.5 Yuan ($110.37), recording a week-to-week rise of 0.3%. Some analysts attributed the strength of the ore prices in the afternoon to the price rally on the coal market. Coking coal, coke and other steelmaking components have risen by 6.3% and 4,7% respectively. This is due to renewed concern over the reduction of supply. Earlier in the morning session, both ore contracts retreated from multi-week high in the prior day as a sharper-than-expected fall in demand weighed. The average daily hot metal production, which is a measure of iron ore consumption, fell by 4.7% compared to the previous week, reaching 2.29 million tonnes in the week ending September 4, the lowest level since February 28. The market participants expected that the output would fall more sharply this week, due to production restrictions in Tangshan's top steelmaking hub for the military parade to be held on September 3, to commemorate World War II. However, a drop of almost 5% caught some traders and analysts off guard. Iron ore prices are also being limited by the growing supply. The Shanghai Futures Exchange steel benchmarks gained a lot of ground due to higher raw material costs. Rebar, hot-rolled coil and wire rod rose 1% while stainless steel fell 0.3%.

• Indian Oil skips US crude, buys Nigerian, Mideast oil via tender, say sources

  Indian Oil Corp, a top refiner in India, has opted to buy West African oil and Middle Eastern grade instead of buying U.S. crude. This was revealed by trade sources on Friday. People said that the state refiner bought from TotalEnergy a million barrels from each Nigerian oil grade Agbami or Usan, and Shell a million barrels from Abu Dhabi's Das crude. Das oil was purchased on a free-onboard basis, and Nigerian oil on a delivery basis. Both are due to arrive in Indian ports by the end of October or early November. IOC purchased 5 million barrels U.S. West Texas Intermediate in its previous auction last week. Indian refiners took advantage of an arbitrage window that was favorable and increased their purchases of U.S. crude oil through tenders. The U.S. purchases of oil also helped reduce India's huge trade surplus with the U.S. The U.S. crude landed costs were high in comparison to other grades despite the Brent-WTI differential for the first month. Being about $4 per barrel. Reporting by Nidhhi Verma from New Delhi, and Siyi LIu from Singapore. Editing by Harikrishnan Nair

• ASIA GOLD - Record prices inflict a stifling effect on top hubs, while China and India switch to discounts

  Due to the record-high prices of gold, demand for physical gold dropped in major Asian hubs this week. Dealers in China and India, two top consumers in Asia, responded by offering steep discounts in order to attract buyers. On Wednesday, spot gold prices reached a record high of $3.578.50 an ounce and were on track for their best three-month period. Indian dealers offer a discount Up to $12 per ounce above official domestic prices. This includes 6% import duties and 3% sales taxes, as opposed to the $4 premium last week. The price hike has caused the demand to be thrown off. Harshad Ajmera is the owner of JJ Gold House in Kolkata. Indians will celebrate Dussehra (October) and Diwali (October), when purchasing gold is considered auspicious. India's gold price traded around 106.800 rupees for 10 grams last Friday after reaching a record-high 107.226 rupees this week. A Mumbai-based dealer said that jewellers purchased gold in the last week before the festive season. However, the price spike has caused uncertainty about demand. This week, Chinese dealers offered discounts ranging from $12 to $16 per ounce over the global benchmark price . Last week, the price of gold per ounce was set at $5 more than par. The demand in China has been weak. The lack of interest in buying physical metals at these high costs is evident. The lack of new import quotas has a significant impact on the physical flow chain, said Bernard Sin. In Hong Kong, gold In Singapore, the price was $1.60 higher than par. Gold traded at par prices with a premium of $2.20. People are having a hard time digesting higher prices. Peter Fung, Wing Fung Precious Metals' head of trading, said that the lack of buying and some selling is due to this. In Japan, bullion Was sold at a discounted price of $0.50 or a premium of $0.50 over spot prices.

• Andy Home: Myanmar mine still a major player in the tin market

  As the market waits for the Man Maw Mine to return in Myanmar, tin continues to outperform other base metals on the London Metal Exchange. Two years have passed since the mine was shut down for a resource assessment. Six months have passed since the authorities of the semi-autonomous Wa State invited new applications for mining permits. There is still no sign of a significant increase in activity. The flow of tin concentrats from Myanmar into neighbouring China is almost completely dry. The uncertainty surrounding Man Maw led to a resurgence of fund interest in tin, which pushed the LME 3-month tin prices from less than $30,000 per metric tonne in April to over $35,000 by the end August. The tin supply is still a mystery to many speculators. WAITING FOR MAN MAW China's decreased imports of tin from Myanmar is a clear indication of the continued absence of Man Maw supplies. The flow of raw materials to Chinese smelters fell to 933 tons in the month of July. This suggests that activity has not yet resumed at Man Maw, and that other smaller mines in the country are also experiencing disruptions, perhaps due to the March earthquake that shook the country. Imports from Myanmar in the first half of this year have dropped by 77% compared to last year, and now total just 14,200 tonnes. Comparatively, the monthly average imports in 2022 and 2023 were 15,000 tons, when Man Maw still produced tin. The International Tin Association announced in July that the first permits for the mining of Man Maw had been issued. The Association warned it would be some time before actual tin production resumed and exports recovered. It has been proven. No Scratch China's tin-smelters have been able to compensate for the loss Man Maw, which was their primary source of supply until August 2023 when it was suspended. This year, the Democratic Republic of Congo emerged as a major supplier of tin concentrats. Imports from Australia and Nigeria also increased sharply. The total imports through July of 73,000 tonnes are down 32% on an annual basis. According to Shanghai Metal Market, the margins of Chinese smelters have been squeezed. Capacity utilisation in many areas of China was less than 70% last month. Many operators carry less than 30 day's worth of concentrates and take maintenance time in the hopes that raw material availability will improve when they return. Yunnan Tin is the largest producer of refined Tin in the world. It has shut down its Gejiu Smelter for 45 Days for its annual maintenance. The loss of Man Maw, however, has not yet caused any visible tightening in the refined metals segment of the supply chains. The global exchange inventory is stable at over 11,000 tons for the past three months. This is a far cry compared to the days of true scarcity, in 2021, when stocks were down to 1,000 tons. Exports from Indonesia are recovering from the disruption caused by last year's permits. Exports of 30,000 tonnes to July 2024 were 64% higher than the same period in 2014. The escalation of trade tensions between China and the United States has also likely helped. Tin is used in the electronics industry to solder circuit boards. BULLS RETURN Tin bulls remain unabated. Funds increased their bets for higher prices up to 4,515 LME (22,575 tonnes), while short positions were reduced to only 610 contracts. The net positioning has remained the same since March when the price spiked up to a three year high of $38,395 a ton following news that the M23 insurgents had briefly taken control of the Bisie Tin Mine in the Congo. Bisie quickly returned to normal operations following the M23 withdrawal as part of the U.S.-brokered Peace Deal between Congo and Rwanda. Man Maw remains conspicuous in its absence. Funds appear to be betting on the fact that production will not return to levels seen before closure. It's impossible to know if that assumption is correct, due to the near complete lack of information coming out of Wa State. When the raw material flow over the border into China begins to return to historic norms, the answer will be apparent. These are the opinions of the columnist, an author for.

• Bond yields fall before US payrolls, as Asian stocks follow Wall Street's upward trend

  The Asian stock market followed Wall Street to a new record high on Friday, and Treasury yields fell to their lowest level in four months as traders bet that the Federal Reserve will cut rates later this month despite the fact that the U.S. employment data is due to be released at the end of the day. Gold held steady following Thursday's decline from its all-time high. The U.S. Dollar eased as traders adjusted their positions in anticipation of the Labor Report. Investors waited for an OPEC+ summit this weekend to discuss further production increases. Crude oil fell for a third consecutive day. According to LSEG, the markets are almost certain that the Fed will cut rates by a quarter point at the end of its two-day meeting on September 17. They also price in a total 60 basis points reductions for this year. Data released on Thursday showed that Americans filed more new unemployment benefit applications than expected in the past week. Meanwhile, hiring by private companies slowed down in August. This is further evidence of a softening labor market. The non-farm payrolls data due out on Friday is expected to show that the economy created 75,000 new jobs in August. This figure, which was not much higher than the 73,000 for July, initially sparked expectations of a Fed rate cut within the next few months. Fed Chair Jerome Powell then confirmed that speculation by delivering an unexpectedly dovish address at the closely watched Fed Symposium in Jackson Hole Wyoming last month. Ken Crompton is the head of rates at National Australia Bank. He said that unless there's a really stellar payrolls report, it's difficult to see anything that will change the market's mind about a September rate cut. The terminal rate, and how to get there, is still a question. The S&P 500 finished at a record-high on Thursday, thanks to expectations of a more accommodative monetary environment. The Nasdaq rose 1%, just missing its all-time high closing price from August 13th. S&P futures were 0.2% higher Friday and Nasdaq Futures gained 0.4%. The Nikkei 225 index in Japan rose by 0.9%, while the Taiwanese stock market benchmark rose by 1.1%. Both markets are near recent record highs. Hong Kong's Hang Seng index rose 0.8% while mainland Chinese blue-chip indexes advanced 1%. Australian stocks rose by 0.5%. Kyle Rodda is a senior financial analyst at Capital.com. He said that the non-farm payroll data released tonight was a "sink or swim" moment for markets. He said that the question was "whether the Fed is in a position to lower interest rates and cushion the economy or if they are behind the curve." If the data indicate that an economy is accelerating, it could cause volatility and risk aversion. This week, long-term sovereign bonds have seen a lot of volatility, as fiscal deficits worsened from Washington to Brussels, London to Tokyo. Political instability has also played a role. The bond yields rose sharply in mid-week, but a growing belief that the Fed would soon cut rates tempered this. The 30-year Treasuries yield fell to a 3-week low on Friday, Tokyo. Meanwhile, the 10-year and 2-year yields dropped to 4-month lows, 4.153%, and 3.582% respectively. The yields on Japanese 30-year government bonds fell to 3.230% for the second consecutive day, after reaching a record high of 3.255% on Wednesday. The U.S. Dollar Index, which measures currency against six major counterparts, fell 0.1% to 98.128 and regained the ground that it lost on Thursday. The week-over-week gain is around 0.3%. This is due to the big gains made on Tuesday when sterling and the yen fell amid an increase in fiscal concerns. Gold rose 0.4%, to $3,558 an ounce. This retraced Thursday's decline of 0.4%, as the market stabilized after a seven-day, 6.3% rally that culminated in a record high of $3,578.50. Brent crude futures dropped 0.2% to $66.68 a barrel while U.S. West Texas Intermediate crude fell 0.3% to $63.32. Two sources with knowledge of the discussions said that eight members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will discuss the possibility of raising production at a Sunday meeting in October.