U.S. business inventories unexpectedly fell in October, suggesting that inventory investment could weigh on economic growth this quarter.

U.S. import prices fell for a second straight month in November amid decreases in the costs of energy products and motor vehicles, suggesting that import deflation could help to lower domestic inflation next year.

U.S. retail sales unexpectedly rose in November as the holiday shopping season got off to a brisk start amid deep discounting, likely keeping the economy on a moderate growth path this quarter and further alleviating fears of a recession.

Asian shares hit a three-month peak on Friday as sharp declines in the dollar and U.S. yields extended the Fed-fuelled rally, but pushback on rate cuts from central banks in Europe may deal a blow to the global pivot hopes.

Oil prices rose slightly in Asian trade on Friday, and were set to snap a seven-week losing spree on optimism over interest rate cuts by the Federal Reserve and a positive outlook on demand from the International Energy Agency.

The dollar languished near four-month lows on Friday, weighed by growing prospects of U.S. interest rate cuts next year, while the euro and pound found support as the central banks there reiterated the need for rates to stay higher for longer.