GLOBAL MARKETS-Stocks gain, Treasury yields climb after US payrolls report

A gauge of global stocks was higher on Friday, on track for its sixth straight week of gains, while U.S. Treasury yields rose following a strong U.S. jobs report forced markets to recalibrate the timing of rate cuts by the Federal Reserve. The unemployment rate fell to 3.7% from the near two-year high of 3.9% in October. Ahead of the payrolls report, a run of data this week indicated some softening in the labor market, while data in recent weeks showed a cooling of inflation and led markets to increase expectations the Federal Reserve would have the leeway to cut interest rates as soon as March.