Global Markets Surge Amid Rate Cut Hopes and Tariff Speculations

Global equities rose as investors anticipated further interest rate cuts in the U.S. and adjusted to trade tariffs. European shares saw significant gains driven by banking sector strength, while uncertainties over U.S. tariffs on gold and a potential Russia-Ukraine truce influenced markets. President Trump reshaped the U.S. Federal Reserve.

Global equities surged on Friday as investors clung to hopes that U.S. interest rates may be cut further this year, with European shares achieving their most substantial weekly gains in 12 weeks, buoyed by strong performances in the banking sector.

U.S. gold futures hit a record high due to uncertainty regarding whether U.S. import tariffs would apply to commonly traded gold bars. Meanwhile, investors watched closely for developments in the Russia-Ukraine conflict, with reports suggesting the U.S. and Russia are negotiating a ceasefire.

In financial markets, President Donald Trump moved to influence the Federal Reserve by nominating Stephen Miran to the central bank's board. Despite the tariff shock, markets remained optimistic about negotiations potentially mitigating U.S. tariffs, with Wall Street indices posting gains by week's end.

(With inputs from agencies.)