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US: US stocks dropped on Thursday as investors digested data validating the Federal Reserve’s assertion that the economy is robust enough to withstand more tightening. Technology stocks were battered after a gloomy outlook from chipmaker Micron Technology Inc. weighed on sentiment.

Asia: Asian stocks fell in Friday's session, tracking a slump in US stocks overnight.

India: Indian indices continued their downward spiral on Thursday and closed in the red. The indices started strongly but soon gave up on all the gains and traded lower throughout the session.

Market is expected to open gap down and is likely to witness sideways move during the day.

Global Economy: Japan's core consumer inflation hit a fresh four-decade high as companies continued to pass on rising costs to households, data showed, a sign price hikes were broadening and could keep the central bank under pressure to whittle down massive stimulus. Months before Tuesday's surprise tweak to its yield control policy, Bank of Japan (BOJ) policymakers had discussed the potential market impact of a future exit from ultra-low interest rates, minutes of their October meeting showed on Friday.

China's central bank made its biggest weekly liquidity injection into the banking system in nearly two months to counteract the year-end rush for cash. The People's Bank of China (PBOC) injected a total of 205 billion yuan ($29.36 billion) via open market operations on Friday, including 2 billion yuan through the seven-day tenor and 203 billion through the 14-day tenor, according to an online statement. The PBOC attributed the liquidity offerings to "maintaining steady year-end liquidity level".

Commodities: Gold prices were flat during early Asian hours on Friday, as traders awaited economic data due later in the day to gauge the Federal Reserve’s rate hike stance. Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season.

Oil prices crept higher on Wednesday as data signaled a biggerthan-expected weekly draw in U.S. inventories, although concerns over adverse weather conditions weighed on the outlook for near-term demand.

Currency: The dollar was on the front foot on Friday, as solid US economic data reinforced the need for the Federal Reserve to stay on its aggressive monetary policy tightening path and further raised the odds of higher-for-longer rates. Against a basket of currencies, the US dollar index stood at 104.35.

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