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(Updates prices, adds comments, changes byline, dateline from LONDON)
* U.S. President to make EU trade announcement at 1745 GMT
* European stocks drop 2.5%, biggest daily fall in 2019
* Interest rate futures price in Fed rate cut in Sept
* Oil prices rebound from biggest daily drop in years
NEW YORK, Aug 2 (Reuters) - A measure of stocks across the globe was on track to post its largest weekly loss of the year on Friday while yields in U.S. and German debt were near multi-year lows, after China vowed to retaliate against a possible new round of U.S. tariffs.
Oil prices bounced back from over 7% losses the previous session and the yen scaled further against the dollar after posting its strongest day in over two years on Thursday.
The moves come on the heels of a sharp Wall Street selloff triggered by U.S. President Donald Trump's Thursday threat to impose a 10% tariff on $300 billion worth of Chinese imports partly due to lack of progress in U.S.-China trade talks.
China did not specify how it would retaliate against the possible action by the United States, but analysts have said options include tariffs, a ban on the export of rare earths that are used in everything from military equipment to consumer electronics, and penalties against U.S. companies in China.
The trade war between the world's largest economies has dislocated supply chains globally and slowed economic growth.
The abrupt end to a truce in the trade conflict capped a critical week for global markets after the U.S. Federal Reserve delivered a widely anticipated interest rate cut but played down expectations of many more ahead.
The Dow Jones Industrial Average fell 216.24 points, or 0.81%, to 26,367.18, the S&P 500 lost 27.79 points, or 0.94%, to 2,925.77 and the Nasdaq Composite dropped 125.08 points, or 1.54%, to 7,986.04.
The pan-European STOXX 600 index lost 2.46% and MSCI's gauge of stocks across the globe shed 1.27%.
Emerging market stocks lost 2.11%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.9% lower, while Japan's Nikkei lost 2.11%.
EVEN MORE TARIFFS?
News that Trump will make an announcement about trade with the European Union at 1745 GMT (1245 ET) on Friday did little to calm markets. Trump last week threatened to tax French wines after Paris' proposal of a digital services tax.
The trade war escalation alongside Friday data showing U.S. employment growth in July slowed as expected may make a case for the Federal Reserve to cut interest rates again in September.
"On balance it is probably a slightly dollar-negative (employment) number because (it) increases the case for a Fed rate cut in September. We're already at the point where we're trading that," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York.
A further 25-basis-point cut by the Fed is all but priced in for the FOMC's September meeting while the chance of yet another cut in October is roughly 1-in-2 according to Fed futures markets.
Safe-haven assets were bid across markets on Friday with German 10-year government bond yields dropping to an all-time low of -0.502% and the country's entire government bond yield curve turning negative for the first time ever.
Benchmark 10-year notes last rose 8/32 in price to yield 1.864%, from 1.892% late on Thursday. They fell to 1.832% earlier Friday, the lowest since November 2016.
"In the grand scheme of things, it will become clearer and clearer that the Federal Reserve has started an easing cycle and will have no choice but to cut rates further," said Akira Takei, fund manager at Asset Management One.
In currency markets the Japanese yen, which on Thursday gained the most in over two years against the dollar, strengthened 0.70% to 106.62 per dollar.
The Swiss franc reached a two-year high of 1.0909 against the euro, which bounced back from a two-year low of $1.1027 hit earlier. The common currency was recently up 0.25% to $1.1111.
The British pound held near a 30-month low versus the dollar as the governing Conservatives' majority in parliament was reduced to one seat, adding to concern over politics three months before the country is due to leave the European Union.
Sterling was last trading at $1.213, down 0.01% on the day.
U.S. crude rose 2.84% to $55.48 per barrel and Brent was last at $62.02, up 2.51% on the day.
(Reporting by Rodrigo Campos; additional reporting by Karin Strohecker in London and Kate Duguid, Richard Leong and Laila Kearney in New York Editing by Susan Thomas)