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(Bloomberg) — Asian stocks were set for a muted open Friday as a sharp rebound in global equities over the past week began to stall.

Equity index futures for Japan, Hong Kong and Australia all registered small declines early Friday in Asia. A gauge of global stocks ended Thursday flat, but remained on course for its best week since June as investors cheered signs of Federal Reserve rate cuts. US markets will resume trading following the Thanksgiving holiday Thursday.

In Europe, Germany’s DAX index rose 0.2% as Puma SE jumped 19% on takeover interest from multiple bidders, including China’s Anta Sports Products Ltd, according to people familiar with the matter.

Gains for global stocks over the past week partly reflected firming expectations for Fed easing, with futures markets pricing in roughly an 80% chance of a quarter-point cut next month and leaning toward three more by the end of 2026. A little more than a week ago, traders were projecting three cuts in total.

The rally in equity markets is likely to broaden outside the US, said Goldman Sachs strategist Peter Oppenheimer in an interview on Bloomberg TV. He anticipated further Fed easing but added that there is limited upside for stocks overall “because valuations are reasonably high.”

Oil edged higher as investors awaited the next steps in US-led efforts to end the war in Ukraine, and ahead of an OPEC+ gathering this weekend. Russian President Vladimir Putin said that US proposals for ending the war in Ukraine could be the basis for future agreements, although no final draft exists yet. OPEC+ nations will probably stick with a decision to pause oil production increases in early 2026, delegates said.

In Asia, data set for release includes industrial production for South Korea, unemployment and Tokyo inflation in Japan, and private sector credit in Australia. Taiwan will release third quarter gross-domestic product.

Chinese property developers were again in the spotlight. China Vanke Co. was rejected by at least two big local banks as it tried to secure a short-term loan to quell the default fears that have fueled a plunge in its bonds this week, according to people familiar with the matter.

Elsewhere, prosecutors have searched the homes of a former Taiwan Semiconductor Manufacturing Co. executive suspected of leaking trade secrets to Intel Corp., signaling an escalation in the government’s criminal probe into the high-profile dispute.

UK gilts gave back some of Wednesday’s rally that followed the Autumn budget. Chancellor of the Exchequer Rachel Reeves carved out a larger fiscal buffer, which buoyed sentiment, even though the tax-raising steps required cast a shadow over the outlook for economic growth. The pound and FTSE 100 were little changed.

“All told, we think the UK government did what it needed to do to keep UK bond markets on side,” wrote Bill Diviney, head of macro research at ABN AMRO. “While there is naturally some risk to this more backloaded fiscal consolidation round, it comes on top of an already considerable effort.”

In commodities, platinum touched its highest level in more than a month, supported by optimism over fresh demand after a Chinese exchange launched a new futures contract.

Some of the main moves in markets:

Stocks

Hang Seng futures were little changed as of 7:06 a.m. Tokyo time S&P/ASX 200 futures fell 0.3% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1596 The Japanese yen was little changed at 156.30 per dollar The offshore yuan was little changed at 7.0758 per dollar The Australian dollar was little changed at $0.6532 Cryptocurrencies

Bitcoin was little changed at $91,386.2 Ether was little changed at $3,032.27 Bonds

Australia’s 10-year yield advanced one basis point to 4.51% Commodities

Spot gold fell 0.1% to $4,157.61 an ounce This story was produced with the assistance of Bloomberg Automation.

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