U.S. index futures are little changed in pre-market trading this Friday, with traders focused on the imminent release of June’s producer price index results and the quarterly earnings reports from financial sector giants.

As of 5:52 AM, Dow Jones (DOWI:DJI) futures were up 31 points, or 0.08%. S&P 500 futures gained 0.08%, while Nasdaq-100 futures lost 0.02%. The 10-year Treasury yield stood at 4.228%.

In the commodities market, oil prices rose as inflationary pressures in the U.S., the largest oil consumer, eased, boosting hopes for economic stimulus and increased fuel demand. Investor optimism grew after U.S. data suggested potential interest rate cuts by the Federal Reserve, although caution remained due to mixed economic signals and uncertainties in China’s demand.

West Texas Intermediate crude for August rose 1.15% to $83.57 per barrel. Brent crude for September increased 0.93%, nearing $86.19 per barrel.

In June, China’s imports of soybeans, coal, and iron ore rose, while those of crude oil, unrefined copper, and rare earths declined. Exports increased by 8.6%, but imports fell by 2.3%, suggesting anticipation of orders due to trade tariffs. Economists had forecast an 8.0% rise in exports and a 2.8% increase in imports, according to Reuters.

China’s imports increased for soybeans (11.11 million tons, +10.7%), coal (44.6 million tons, +12%), and iron ore (97.61 million tons, +2.2%). However, they decreased for crude oil (46.45 million tons, -11%), unrefined copper (436,000 tons, -3%), and rare earths (4,829 tons, -3.6%).

On the U.S. economic calendar for Friday, the Department of Labor will release June’s producer price index (PPI) at 8:30 AM. Later, at 10 AM, the University of Michigan and Thomson Reuters will present the preliminary reading of the Michigan/Reuters consumer sentiment index for July.

Asia-Pacific markets showed significant variations on Friday. Japan’s Nikkei 225 fell 2.45% to 41,190.68; the Topix declined 1.1% to 2,894.56. In South Korea, the Kospi dropped 1.18% to 2,857, while the Kosdaq fell 0.24%, closing at 850.37. Taiwan’s weighted index decreased almost 2%, impacted by declines in TSMC (NYSE:TSM) and Foxconn (USOTC:FXCOF).

In contrast, Hong Kong’s Hang Seng rose 2.7%. China’s CSI 300 advanced 0.12%, ending at 3,472.4, while the Shanghai Composite increased 0.03% to 2,971.3. Australia’s S&P/ASX 200 increased 0.8% to a new record of 7,959.3.

The Japanese yen strengthened suddenly against the dollar following the release of U.S. inflation data, raising suspicions of intervention by the Ministry of Finance. Later, the currency weakened, and Masato Kanda, Japan’s exchange diplomat, indicated potential future actions.

European markets are showing gains, with interest shifting from historic elections in France and the U.K. to the anticipation of new U.S. inflation data. Telecom sector stocks boosted the market, particularly Ericsson (TG:ERCG), which saw a significant increase after reporting quarterly results above expectations. Additionally, Norwegian Air (TG:NWC) stood out with a 3.6% gain after surpassing profit projections.

U.S. stocks showed a substantial decline on Thursday, with the Nasdaq and S&P 500 falling sharply after reaching new intraday highs. The Nasdaq dropped 1.95%, losing 364.04 points, and the S&P 500 fell 0.88%, with a loss of 49.37 points. The Dow Jones remained stable for most of the day before closing with a gain of 32.39 points or 0.08%. Profit-taking and inflation data influenced these movements, with investors seizing the opportunity to sell after the recent rally.

Meanwhile, the Federal Reserve is still expected to cut rates in September due to the unexpected drop in consumer prices in June. The Department of Labor reported that the consumer price index fell 0.1% in June, against expectations of a 0.1% increase. The decline, due to lower gasoline prices, offset the rise in housing costs. Excluding food and energy, prices rose 0.1%. The annual rate slowed to 3.0%.

In the quarterly earnings front, reports are expected from JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), BNY Mellon (NYSE:BK), Fastenal (NASDAQ:FAST), and Ericsson (NASDAQ:ERIC).

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