Mixed Open Likely For US Markets: Oil Steady, Gold Up

Mixed open likely for the U.S markets Friday as stock futures are relatively flat. At 2:35 a.m. ET, Dow futures rose just 7 points, hinting a flat open. Both S&P 500 and Nasdaq futures were barely above the flat line.

The fall out of market crash on Thursday on the back of weak U.S economic data over a slowdown in the U.S economy is weighing on market participants.

They are also monitoring the negotiations between Washington and Beijing. Optimism prevails that both economies may clinch a deal to end their protracted trade war.

The Commerce Department data showed that orders for durable goods in December surged 1.2 percent, while that of core capital goods plunged 0.7 percent.

Oil prices steady

Oil prices were firm on Friday backed by OPEC's supply cuts and expectations over a trade deal between the U.S and Beijing.

But prices are below 2019 peaks touched earlier this week. One reason for a pause in prices is the U.S. crude oil production has hit a record 12 million barrels per day (BPD) and exports are also showing a surge.

Per barrel price at International Brent crude futures was $67.18 at 0746 GMT, 11 cents above the last close, yet lower than $67.38 a barrel of early this week.

Oil futures at U.S. West Texas Intermediate (WTI) crude oil stood at $57.15 per barrel, but below the $57.55 per barrel 2019 high.

Asia markets

Among Asian stock markets, shares in mainland China gained the most. The Shanghai Composite rose 1.91 percent and Shenzhen composite was up 2.278 percent.

The Hang Seng index in Hong Kong moved up more than 0.3 percent in the final hour of trading.

Australia’s ASX 200 gained 0.46 percent with most sectors rising. In Japan, the Nikkei 225 declined 0.18 percent, while Topix fell 0.25 percent.

European stocks jumped higher on Friday morning, as market participants monitored trade talks between the world's two largest economies.

The pan-European Stoxx 600 was up 0.25 percent during morning trade and sectors swung to opposite directions.

Basic resource stocks with exposure to China gained in the morning trade and were up more than 1.5 percent.

Gold up

Gold prices zoomed on Friday as progress in U.S.-China trade talks put pressure on the dollar. But signals of the U.S. Fed Reserve hiking interest rates this year have put prices below the 10-month high touched this week.

Spot gold was up 0.3 percent to $1,326.56 per ounce as of 0814 GMT. The U.S. gold futures were up 0.1 percent at $1,329.1 per ounce.