US equity markets are lower, with S&P down 0.2%, following mixed performance on Thursday. Bonds firmer. US 10-year benchmark down 1 bp at 4%. Gilts 2 bps lower at 4.3%. Bund eases to 2.7%. Dollar softer versus European majors, little changed versus yen. Oil up. Gold flat. Industrial metals higher. Bitcoin weaker. UK politics likely to get some attention after Greens won the Gorton and Denton by-election in greater Manchester, with Reform coming second. Further reports highlighting the likelihood of a very lowkey fiscal update from Chancellor Reeves next Tuesday, as she seeks to end cycle of policy speculation. Update from the UK National Audit Office showed HMRC collected extra £16B from biggest firms last year via a more hands-on approach.

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