Australia

Australian shares are set to open higher, after the three major US indexes gained for the week, led by the Nasdaq's 2.9% advance.

ASX futures were up 0.1% or 7 points as of 8:00am on Monday, suggesting a slightly higher open.

US stocks finished mixed Friday, with the Dow Jones Industrial Average and S&P 500 marking their best weeks of the year.

The Dow Jones Industrial Average slipped 305 points, or 0.8%, while the broader S&P 500 edged down 0.1%. The Nasdaq added 0.2%. All three major indexes hit new records this week.

In commodity markets, Brent crude oil was down 0.4% to US$85.43 a barrel, while gold was down 0.7% at US$2,165.44.

In local bond markets, the yield on Australian 2 Year government bonds was down at 3.81% while the 10 Year yield was also up at 4.03%. US Treasury notes were down, with the 2 Year yield at 4.59% and the 10 Year yield at 4.20%.

The Australian dollar hit 65.19 US cents. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was up at 99.04.

Asia

Chinese shares ended lower, as investors look ahead to key economic data next week. The benchmark Shanghai Composite Index fell 0.95% to 3048.05, the Shenzhen Composite Index was 1.2% lower and the ChiNext Price Index declined 1.5%. Focus next week will be on data releases for China's February industrial profit and March PMIs. Among major stocks, SMIC declined 4.1% and CATL dropped 1.4%. Gainers included China Mobile, which was up 2.6%, and China Telecom, which rose 0.9%.

Hong Kong's Hang Seng Index fell 2.2% lower at 16499.47, tracking losses in most regional equity markets. Investors could be waiting for key economic data next week, such as China's February industrial profit. Almost all sectors are in the red. Orient Overseas (International) dropped 17%, JD Health International fell 13% and Li Auto slipped 11%. Samsonite International was down 7% after the luggage maker said it is planning another listing on a leading stock exchange besides the Hong Kong bourse. The Hang Seng Tech Index closed 3.55% lower at 3455.88.

Japanese stocks ended higher, led by gains in auto and financial stocks, as hopes persist for Fed rate cuts later this year. Nissan Motor rose 3.4% and Resona Holdings gained 2.9%. The Nikkei Stock Average gained 0.2% to reach a new record high of 40888.43. Investors are focusing on economic data and their policy implications. The 10-year Japanese government bond yield stayed flat at 0.740%.

Indian shares closed higher, reversing earlier losses, as positive sentiment continued after the U.S. Fed held interest rates steady, but signaled cuts later this year. Auto and bank stocks led gains. Maruti Suzuki India rose 3.55% and Tata Motors was up 1.5%. Yes Bank and IndusInd Bank advanced 2.1% and 1.7%, respectively. Meanwhile, Infosys led losses, dropping 3.0%. Tata Consultancy Services and Tech Mahindra were down 1.5% and 1.3%, respectively. Mazagon Dock Shipbuilders was 1.0% higher after winning a 29-year lease on a property near its Mumbai yard. Investors are watching for any policies ahead of the general election this spring. India's stock market will be closed on Monday due to the Holi holiday. The benchmark Sensex closed 0.3% higher at 72831.94.

Europe

European shares closed mixed, with the STOXX Europe 600 down 0.03% at 509.64, the DAX 40 up 0.15% to 18,205.94, and the CAC 40 slipping 0.34% to 8,151.92.

The FTSE 100 rose 0.7% to a one-year intraday high of 7961.43, outperforming European indexes, amid growing prospects of an earlier Bank of England interest-rate cut. One out of nine BOE policymakers voted to cut rates on Thursday while Governor Andrew Bailey told the Financial Times that rate cuts were "in play" at future meetings. U.K. money markets showed an increasing chance of a 25 basis-point rate cut in June rather than August, alongside a growing possibility of one as early as May. Flat but better-than-expected U.K. retail sales data for February also lifted sentiment. The FTSE 100 is "edging back towards the 8,000 mark" hit in February 2023, wrote AJ Bell's Russ Mould.

North America

Stocks finished mixed Friday, with the Dow Jones Industrial Average and S&P 500 marking their best weeks of the year.

The Dow Jones Industrial Average slipped 305 points, or 0.8%, while the broader S&P 500 edged down 0.1%. The Nasdaq added 0.2%. All three major indexes hit new records this week.

Worries about the Federal Reserve appeared to go by the wayside even before the central banks policy announcement on Wednesday, with investors reaching the acceptance phase of their grief over the fact that the Fed still needs to wait a bit before cutting rates.

Then on Wednesday neither the Feds policy statement, nor its new projections or Chairman Jerome Powells press conference seemed hawkish. So long as forthcoming inflation data behaves, a June rate cut appears to be in the cards. The rally in stocks picked up steam.

Other potential hurdles to the rally got cleared as well, including the Justice Department suing Apple on Thursday. Apple shares rebounded slightly on Friday after falling 4% on Thursday. Heards Dan Gallagher is cautious, saying there is little clarity on Apple's path ahead.

These stocks made moves on Friday:

FedEx reported fiscal third-quarter earnings that beat analysts' estimates, as the shipping giant's cost-cutting efforts overshadowed lower sales and reduced demand. FedEx also raised its fiscal 2024 guidance and announced a buyback of $5 billion of stock. Shares of FedEx gained 7.4%, while those of rival United Parcel Service rose 0.6%.

Nike posted fiscal third-quarter revenue that rose slightly from a year earlier, but shares fell 6.9% after the sneaker and apparel company said the first half of fiscal 2025 would be challenging, with sales down by low single-digit percentages year over year. "This reflects near term-headwinds from life cycle management of our key product franchises, " said Chief Financial Officer Matthew Friend on an earnings call with analysts, as well as the "subdued" global macroeconomic outlook.

Foot Locker rose 3.1% to $24.39 after Citi upgraded the stock to Neutral from Sell and raised the price target to $24 from $19.

Apple rose 0.5%. Shares had tumbled 4.1% on Thursday, when the tech giant was sued by the Justice Department, which alleged the iPhone provider violated federal law to preserve its dominant position in the mobile phone market. Apple pushed back on the notion that the iPhone is a monopoly or that it had abused its position. "This lawsuit threatens who we are and the principles that set Apple products apart in fiercely competitive markets," Apple said. "If successful, it would hinder our ability to create the kind of technology people expect from Apple -- where hardware, software, and services intersect."

Fourth-quarter earnings at Lululemon Athletica topped expectations, but the stock tumbled 16% after the athleisure company's guidance for the fiscal first quarter and year was short of analysts' expectations.

Tesla fell 1.2% following a report from Bloomberg that said the company has reduced electric-vehicle production at its plant in China. Tesla earlier this month instructed employees at its Shanghai facility to lower production of both the Model Y sport-utility vehicle and Model 3 sedan by working fewer days a week, people familiar with the matter told Bloomberg.

Nvidia rose 3.1% to $942.89. UBS analysts raised their price target on the chip maker to $1,100 from $800 and maintained a Buy rating on the stock.

U.S.-listed shares of Baidu rose 0.5% after The Wall Street Journal reported that Apple has held preliminary talks with the Chinese company about using its generative artificial-intelligence technology in its devices in China.

Reddit, the popular news aggregation social media site, fell 8.8% to $46 on Friday. The stock debuted Thursday at $47 a share and closed at $50.44, a jump of 48.4% above the initial public offering price of $34.

Best Buy rose 1.5% to $81.66 after analysts at J.P. Morgan upgraded shares of the electronics retailer to Overweight from Neutral and raised their price target to $101 from $89.

Digital World Acquisition, the so-called blank check company seeking to take Donald Trump's Truth Social public, fell 14% after shareholders approved a merger of the two companies.