In an array of economic updates, the US economy has exhibited mixed signals as initial claims for unemployment benefits fell sharply while durable goods orders experienced a significant drop. The initial jobless claims decreased to 209,000, suggesting resilience in the labor market. However, this positive note was tempered by a steep 5.4% decline in orders for long-lasting manufactured goods, indicating potential softness in business investment.

Asian shares were dragged lower by China on Friday amid little guidance from Wall Street which was closed for a holiday, while the dollar remained on the back foot as investors bet U.S. rates have peaked.

Oil prices rose slightly in Asian trade on Friday as traders remained on edge over a delay in an OPEC+ meeting, although expectations of more supply cuts by the cartel put prices on course to break a four-week losing streak.

The dollar was restrained on Friday by uncertainty over the path of U.S. interest rates, while the euro held overnight gains as data hinted that the downturn in the euro zone may be easing.

In recent talks, Bank of England Governor Andrew Bailey and National Farmers' Union (NFU) President Minette Batters outlined the significant challenges facing UK agriculture, linking rising global food prices to increased energy costs. At the NFU’s Henry Plumb Memorial Lecture today, Bailey pinpointed the heightened energy expenses within agriculture as a key driver of over a percentage point increase in food inflation. He underscored the impact of the conflict in Ukraine with Russia, a major agricultural producer, on the global economy and UK farming issues like labor shortages and extreme weather events.

British finance minister Jeremy Hunt on Wednesday said he would cut the amount of National Insurance social security contributions paid by 27 million workers in a move that will save employees hundreds of pounds a year.