Updated from 5:54 a.m. EST
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Here are five things you must know for Friday, March 10:
1. -- U.S. stock futures rose and shares across Europe and Asia were mostly higher Friday ahead of the U.S. jobs report that is predicted to show about 200,000 jobs were added to payrolls in February.
The unemployment rate, according to economists surveyed by FactSet, is expected to tick lower to 4.7% from 4.8% in January.
Investors also will get a look at the increase in weekly wages, data the Federal Reserve will use to determine how quickly and how often it will raise interest rates this year. Economists anticipate hourly earnings to have risen 0.3% in February.
Officials at the Fed have turned hawkish in recent months, and have been telegraphing more than one rate hike in 2017. The Federal Open Market Committee, the group that decides the direction of interest rates, meets March 14-15. The chances of a 25-basis-point hike next week sit at 88%, according to CME Group fed funds futures. A rate hike would put the new fed funds rate at 0.75% to 1%.
The U.S. nonfarm payroll numbers, to be released at 8:30 a.m. EST, are "the last piece of the puzzle which will determine the Fed's rate hike decision next week," said Margaret Yang Yan, a market analyst at CMC Markets in Singapore.
2. -- Oil prices in the U.S. rose 0.6% to $49.59 a barrel early Friday. A day earlier, crude oil fell below $50 a barrel for the first time since December.
West Texas Intermediate crude oil declined 2% to $49.28 a barrel on Thursday, its lowest level since late November.
Commodities have been under pressure since a weekly report from the Energy Information Administration showed a much larger build in domestic stockpiles than anticipated. U.S. supplies have risen for the past nine weeks in a row and are now at record highs of 528.4 million barrels.
The weekly Baker Hughes Rig Count is expected at 1 p.m.
3. -- South Korea's Constitutional Court removed impeached President Park Geun-hye from office in a unanimous ruling Friday over a corruption scandal that has plunged the country into political turmoil.
The decision capped a stunning fall for the country's first female leader, who rode a wave of lingering conservative nostalgia for her late dictator father to victory in 2012, only to see her presidency crumble as millions of furious protesters filled the nation's streets.
Two people died during protests that followed the ruling. Police and hospital officials said about 30 protesters and police officers were injured in the violent clashes near the court, which prompted Prime Minister Hwang Kyo-ahn, the country's acting head of state, to plead for peace and urge Park's angry supporters to move on, the Associated Press reported.
The ruling opens Park up to possible criminal proceedings -- prosecutors have already named her a criminal suspect -- and makes her South Korea's first democratically elected leader to be removed from office since democracy replaced dictatorship in the late 1980s, according to the AP.