Morning Bid: Labor in focus - US jobs, new UK government

While U.S. markets return from the Independence day holiday to assess significant cooling of the labor market stateside, British markets rallied on a long-forecast landslide for the UK's opposition Labour Party in Thursday's elections.

Despite ongoing equivocation from Fed officials, markets are back almost fully priced for two rate cuts this year. That now sees an 80% chance of a first move in September, as unlikely as that seems just before divisive U.S. elections. But French markets have rallied this week too, as tactical positioning and voting ahead of Sunday's second-round of assembly elections there look to prevent the far right getting an overall majority and pointing to a hung parliament there.

Lula da Silva said on Tuesday he was worried about the recent weakness of the currency, adding that "something" needed to be done to tackle what he called "speculation".

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