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Market Review

US:

Wall Street closed mixed on Thursday and the U.S. benchmark Treasury yield eased after scaling the highest level since May in light, directionless post-Christmas trading.

Asia:

Major stock market indexes in Asia traded mixed on Friday as many traders came back after taking time off for the Christmas holiday. Some markets were closed on December 25 and 26, limiting activity.

India:

In yet another volatile session, equity indices closed with little change, with the Nifty at 23,750 led by auto, pharma, energy stocks Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Tokyo consumer price index inflation grew more than expected in December due to increased price pressures, keeping alive chances of a near-term rate hike by the Bank of Japan. Core CPI inflation, which excludes volatile fresh food items, rose 2.4% year-on-year in December, government data showed on Friday. The reading was slightly below expectations of 2.5% and picked up from the 2.2% seen in the prior month. A core reading that excludes both energy and fresh food costs rose 1.8% in December from 1.9% in the prior month. The reading is closely watched as a gauge of underlying inflation by the Bank of Japan, but remained below the central bank’s 2% annual target for a ninth straight month.

China's industrial profits fell at a slower clip in November, official data showed on Friday. The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming U.S. administration of President-elect Donald Trump. Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, while a 4.7% decline in the first 11 months extended a 4.3% slide in the January-October period, National Bureau of Statistics data showed.

Commodities:

Oil prices were little changed on Friday but were set for a weekly rise amid optimism economic stimulus efforts will prompt a recovery in China, the world's biggest oil importer.

Gold prices were trading flat on Friday, but were set for a weekly rise, as markets awaited signals on the U.S. economy under the incoming Donald Trump administration and the Federal Reserve's interest rate strategy for 2025.

Currency:

The yen hovered near a five-month low to the dollar on Friday as the U.S. Federal Reserve's hawkish messaging contrasted with the Bank of Japan's cautious approach to further policy tightening.

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