[Fed's Hawkish Remarks Dampen Rate Cut Hopes, Global Markets Face 'Black Friday'] Hawkish signals from Federal Reserve officials have extinguished market hopes for a U.S. rate cut in December. Coupled with a still-chaotic data calendar and concerns over an AI bubble, global stock and precious metals markets suffered heavy losses on Friday. Blue-chip markets from Tokyo to Paris and London saw significant declines, while fresh concerns over the upcoming UK budget added to the pain in the British market. U.S. stock index futures signaled a bleak opening for Wall Street, following sharp declines on Thursday. Jeremy Stretch, Head of FX Strategy at CIBC Markets, stated: 'Our expectations for a December rate cut are now back to 50-50. This, combined with concerns over an AI bubble, has destabilized market sentiment, which has become increasingly volatile this month.' Meanwhile, the White House dashed hopes for a clearer picture of the U.S. economic situation anytime soon, stating that October's U.S. unemployment data might never be available. This has reinforced the view that the Fed may pause its actions until more definitive information is obtained.