Global markets experienced a significant downturn on Friday following hawkish comments from Federal Reserve officials, which dashed hopes for a December interest rate cut. The uncertainty was compounded by a confusing data calendar and fears of an artificial intelligence bubble, leading to sharp declines in stock and precious metal markets worldwide. Major indices from Tokyo to Paris and London saw substantial losses, with US stock index futures indicating a grim opening for Wall Street. The market volatility was further fueled by concerns over the upcoming UK budget and the White House's announcement that October's US unemployment data might not be released. This uncertainty has led to speculation that the Federal Reserve may pause its actions until more definitive economic data is available, as noted by Jeremy Stretch, head of foreign exchange strategy at CIBC Markets.