Australia

Australian shares are set to open lower, while US major indices break a three-month losing streak for November.

ASX futures were down 0.1% or 9 points as of 8:30am on Friday, suggesting a lower open.

The Dow Jones Industrial Average surged 520 points behind big gains in Salesforce and UnitedHealth Group closing out a blockbuster month for the major averages.

DJIA gained 1.5% to 35950, a high for 2023, while the S&P 500 rose 0.4% to 4567 and the Nasdaq slipped 0.2% to 14226.

In commodity markets, Brent crude oil fell 0.3% to US$82.83 a barrel while gold was down 0.4% to US$2,036.46.

In local bond markets, the yield on Australian 2 Year government bonds was up at 4.10% while the 10 Year yield was also up at 4.41%. US Treasury notes were up, with the 2 Year yield at 4.69% and the 10 Year yield at 4.32%.

The Australian dollar hit 66.06 US cents down from the previous close of 66.15. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was up at 97.98.

Asia

Chinese shares closed mixed as investors digested China's November manufacturing activity data that showed contraction for a second month, signaling continued weakness in the world's second-largest economy. Auto stocks led the losses, with BYD dropping 1.4% and Great Wall Motor shedding 1.6%. Telecommunications and consumer services stocks gained. China Mobile rose 2.8% and Shanghai Jinjiang International Hotels added 6.4%. The benchmark Shanghai Composite Index rose 0.3% to 3029.61 to end the month 0.36% higher. The Shenzhen Composite Index closed 0.35% lower and the tech-heavy ChiNext Price Index gained 0.2%.

Hong Kong shares rose in a possible technical correction after falling for four consecutive sessions. The benchmark Hang Seng Index gained 0.3% to 17042.88, ending the month 0.4% lower. Major tech names led gains. Tencent Holdings rose 3.15% and Baidu was 0.9% higher. Telecommunications stocks also lifted the market. China Mobile added 1.3% and China Telecom was 2.8% higher. Healthcare stocks fell broadly, with Alibaba Health Information Technology down 3.9% and Wuxi Biologics dropping 2.7%. Investors are awaiting the U.S. PCE price index, the Fed's preferred inflation measure, due later in the day.

Nikkei Stock Average rose 0.5% to close at 33486.89, boosted by gains in U.S. stock-index futures and by possible position adjustments ahead of the U.S. October core PCE price index due out later today. Among best performers on the Japanese benchmark index, Advantest rose 4.3%, NEC added 3.9% and Makita was up 3.6%. The broader Topix index closed 0.4% higher at 2374.93. USD/JPY was at 147.03, down from 147.22 at around Wednesday's Tokyo stock-market close. The 10-year JGB yield was down a half basis point at 0.670%.

Indian shares edged higher, with all eyes on the U.S. personal consumption expenditures price index and the OPEC+ meeting outcome, both due later in the day. Healthcare and auto stocks led the gains. Sun Pharmaceutical Industries was 2.2% higher and Bajaj Healthcare added 2.3%. TVS Motor rose 0.5% and Mahindra & Mahindra climbed 1.8%. Tata Technologies soared in its trading debut. Among stocks on the benchmark index, Power Grid Corp. of India and IndusInd Bank were the biggest laggards, dropping 1.0% and 1.2%, respectively. The benchmark Sensex rose 0.1% to 66988.44, ending the month 4.9% higher.

Europe

European stocks rose as data signaling slowing inflation in Europe and the US further fueled hopes that interest rates have peaked. Eurozone inflation eased more than expected to 2.4% in November, from 2.9% in October and versus expectations of 2.7%. Meanwhile, the US personal consumption expenditure price index, excluding food and energy prices, rose 3.5% year-on-year in October from 3.7% in September, hitting its lowest since spring 2021. The Stoxx Europe 600 and CAC 40 rallied 0.6%, the DAX gained 0.3% and the FTSE 100 advanced 0.4%. "More good news on inflation has bolstered stock markets," IG analyst Chris Beauchamp writes.

The FTSE 100 ended Thursday up 0.41%, rising alongside European peers after more good inflation news bolstered markets. While the Fed continues to make progress in the fight against inflation, fresh signs of weakening prices in the Eurozone have given stocks a lift on this side of the Atlantic, too, IG Group chief market analyst Chris Beauchamp said in a research note. "In both cases, the effect has been to bring forward the expected date of the first rate cuts, providing more hope that 2023's era of higher rates will be left behind in 2024," Beauchamp said.

North America

The Dow Jones Industrial Average surged 520 points behind big gains in Salesforce and UnitedHealth Group closing out a blockbuster month for the major averages.

DJIA gained 1.5% to 35950, a high for 2023, while the S&P 500 rose 0.4% to 4567 and the Nasdaq slipped 0.2% to 14226.

Oil prices fell despite OPEC pledging to extend and increase output cuts.

Salesforce jumped 9.4% following its quarterly earnings.

For November, the DJIA and S&P 500 rose nearly 9% and the Nasdaq climbed 10%, snapping three straight months of losses, as inflation slowed and other economic data remained resilient, leaving investors to bet the Fed has finished raising rates.