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- Investors seeking justification for breathtaking rallies in stocks and bonds are finding hope in the words of Federal Reserve Chair Jerome Powell, even as the central bank insists the fight against inflation has a long way to go.

* Powell acknowledges risks of overtightening. * ISM shows U.S. manufacturing weakness persists. * Pfizer (PFE) dips as obesity drug trial dropped. * Tesla slips as Cybertruck priced above initial forecast. * Indexes up: Dow 0.72%, S&P 0.48%, Nasdaq 0.36% By Stephen Culp.

- The labels "dove" and "hawk" have long been used by central bank watchers to describe the monetary policy leanings of policymakers, with a dove more focused on risks to the labor market and a hawk more focused on the threat of inflation.

* FITCH: 2024 SECTOR OUTLOOK FOR BRAZILIAN ASSET MANAGERS IS NEUTRAL. * FITCH: BRAZILIAN ASSET MANAGERS AUM EXPECTED TO GROW IN 2024, BENEFITING FROM LOWER, INTEREST RATES AND APPROVAL OF ECONOMIC REFORMS Source text for Eikon:

MSCI's global stock index gained ground on Friday, while U.S. Treasury yields and the dollar were lower after Federal Reserve Chair Jerome Powell vowed to move "carefully" on interest rates.

Brazil posted a trade surplus of $8.78 billion in November, government data showed on Friday, below a forecast of economists polled by Reuters. The surplus, an increase of 41.5% compared with the same month last year, was driven by a 11.2% drop in the value of imports, which landed at $19.04 billion. Exports in the month rose 0.6% to $27.82 billion.

The Bank of Japan's massive asset-buying scheme introduced in 2013 led to a sharp deterioration in the function of the country's bond markets, which continued to worsen after the adoption of its yield curve control, a central bank survey of market participants showed on Friday.

U.S. Treasury yields dropped on Friday after Fed Chair Jerome Powell sounded caution on the central bank's interest rate outlook and data showed a continued manufacturing slump.

By Jamie McGeever. Even as traders bring forward the expected timing of the Federal Reserve's first interest rate cut, the gap since the U.S. central bank's last hike will probably be one of the longest on record.

The dollar fell on Friday, after two days of gains, as Federal Reserve Chair Jerome Powell struck a cautious tone on further interest rate moves, suggesting the U.S. central bank is likely done with ...

* Manufacturing PMI unchanged at 46.7 in November. * New orders continue to decline, but at moderate pace. * Factory employment decreases as hiring slows down. By Lucia Mutikani. U.S. manufacturing remained subdued in November, with factory employment declining further as hiring slowed and layoffs increased, more evidence that the economy was losing momentum after robust growth last quarter.

The risks of the Federal Reserve slowing the economy more than necessary have become "more balanced" with those of not moving interest rates high enough to control inflation, Fed Chair Jerome Powell said on Friday, reaffirming the U.S. central bank's intent to be cautious but also offering fresh optimism on its progress so far.

* Powell says economy slowing as expected. * Tesla slips as Cybertruck priced above initial forecast. * Indexes up: Dow 0.39%, S&P 0.30%, Nasdaq 0.12% By Shristi Achar A and Amruta Khandekar.

South Africa's rand strengthened against the dollar on Friday, reversing its losses from the previous day, as U.S. Federal Reserve Chair Jerome Powell said the Fed would move "carefully" on interest rates. At 1619 GMT, the rand traded at 18.6150 against the dollar, about 1.2% stronger than its previous close.

MSCI's global stock index gained ground on Friday, while the U.S. dollar slipped after Federal Reserve Chair Jerome Powell vowed to move "carefully" on interest rates.

Euro zone bond prices rose on Friday, a day after clocking their best month in more than a year, as soft U.S. data and comments from Federal Reserve Chair Jerome Powell supported the view that rate cuts could come as early as the first quarter next year.

Brazil's central bank still sees its current pace of 50-basis-point interest rate cuts per meeting as appropriate and expects it to remain in place for the next few meetings, multiple board members said on Friday.

central bank director * Latam stocks up 0.2%, FX up 0.5% By Johann M Cherian Dec 1 (Reuters) - Most Latin American stocks and currencies rose on Friday, ...

Fitch: * FITCH SAYS U.S. DIVERSIFIED INDUSTRIALS AND CAPITAL GOODS COMPANIES OUTLOOK NEUTRAL FOR 2024. * FITCH: RECENT STRENGTH IN US DIVERSIFIED INDUSTRIALS & CAPITAL GOODS COS' FINANCIAL PERFORMANCE COULD MODERATE IN 2024 IF ECONOMIC CONDITIONS WEAKEN.

The risks of the Federal Reserve slowing the economy more than necessary have become "more balanced" with those of not moving interest rates high enough to control inflation, Fed Chair Jerome Powell said on Friday, reaffirming the U.S. central bank's intent to be cautious but also offering fresh optimism on its progress so far.

The risks of the Federal Reserve moving too far with interest rate hikes, and slowing the economy more than necessary, have become "more balanced" with those of not moving high enough to control inflation, Fed Chair Jerome Powell said on Friday in remarks reaffirming the U.S. central bank's intent to be cautious in its upcoming monetary policy decisions.

U.S. construction spending increased more than expected in October amid strong gains in single-family homebuilding, but data for the prior month was revised lower. The Commerce Department said on Friday that construction spending rose 0.6%. Data for September was revised down to show construction spending climbing 0.2% instead of 0.4% as previously reported.

The dollar rose for a third straight day on Friday, while the euro extended steep overnight losses, as traders looked ahead to a speech later in the day by U.S. Federal Reserve Chair Jerome Powell.

National Bank of Canada (NTIOF): * NATIONAL BANK OF CANADA ANNOUNCES ITS INTENTION TO LAUNCH A NORMAL COURSE ISSUER BID. * National Bank of Canada (NTIOF) - AUTHORIZED A NORMAL COURSE ISSUER BID TO PURCHASE FOR CANCELLATION UP TO 7 MILLION OF ITS COMMON SHARES.

Chicago Federal Reserve President Austan Goolsbee said on Friday he believes inflation is "on track" to reaching the U.S. central bank's 2% target, driven in coming months by what he expects to be a decline in housing inflation.

U.S. construction spending increased more than expected in October amid strong gains in single-family homebuilding, but data for the prior month was revised lower. The Commerce Department said on Friday that construction spending rose 0.6%. Data for September was revised down to show construction spending climbing 0.2% instead of 0.4% as previously reported.

U.S. manufacturing remained subdued in November, with factory employment declining further as hiring slowed and layoffs increased, more evidence that the economy was losing momentum after robust growth last quarter. The survey from the Institute for Supply Management on Friday followed on the heels of data on Thursday showing moderate growth in consumer spending and subsiding inflation in October.

* Gold up over 3% so far for the week. * Fed to move 'carefully' on interest rates. * Silver hits six-month high. By Ashitha Shivaprasad and Deep Kaushik Vakil.

* Powell due to speak at 11:00 a.m. ET. * Tesla slips as Cybertruck priced above initial forecast. * Indexes: Dow up 0.09%, S&P down 0.20%, Nasdaq down 0.48% By Shristi Achar A and Amruta Khandekar. Dec 1 - The S&P 500 and Nasdaq fell on Friday as investors were on edge ahead of Federal Reserve Chair Jerome Powell's comments that some fear may have a hawkish tilt towards monetary policy.

Canada's manufacturing sector contracted for a seventh straight month in November as global industrial weakness weighed on output and new orders, and despite an increase in hiring, data showed on Friday. The S&P Global Canada Manufacturing Purchasing Managers' Index fell to a seasonally adjusted 47.7 in November from 48.6 in October. A reading below 50 indicates contraction in the sector.

-Some major banks expect global economic growth to ease further in 2024, squeezed by elevated interest rates, higher energy prices and a slowdown in the world's two largest economies.

The Canadian economy added more jobs than expected in November while the jobless rate ticked slightly higher, data showed on Friday, a result that is in line with the central bank leaving interest rates unchanged next week.

Industrial production in Brazil rose less than expected in October, data from statistics agency IBGE showed on Friday, pointing to a sluggish start to the fourth quarter as the sector continues to show 'lack of dynamism' amid high interest rates.

Risky bank bonds that cratered during the implosion of Credit Suisse rallied hard in November, as the market found new energy, climbing around 4% in the best month since January.

Euro zone bond prices rose slightly on Friday after their best month in more than a year, as investors waited to hear whether Federal Reserve Chair Jerome Powell would push back against the sharp fall in yields. Germany's 10-year bond yield was last down 1 basis point at 2.438%, after rising 6 bps on Thursday.

Brazil's central bank has emphasized that its current pace of 50-basis-point interest rate cuts per meeting will remain in place for the next few meetings and that there is a high bar for it to change, director Diogo Guillen said on Friday.

U.S. equity funds witnessed outflows in the week to Nov. 29, as investors booked profits after a strong rally and were cautious ahead of some key economic reports and earnings results. U.S. equity funds suffered about $3.31 billion worth of outflows during the week, the first weekly net selling since Nov. 1, LSEG data showed.

Bond investors are pricing in imminent Federal Reserve interest rate cuts by the first half of next year, as signs of slowing U.S. economic growth and easing inflation became more evident.

The global monetary tightening cycle was in its last throes in November, with major developed central banks delivering just one increase and the number of cuts outstripping hikes for the first time in 33 months across emerging markets.

The U.S. Federal Reserve's pledge in 2020 to sustain "broad-based and inclusive" employment through loose monetary policy was considered a bold response to the pandemic, putting its muscle behind the idea that low unemployment and low inflation could coexist.