• US indices rebounded and finished moderately higher on the back of mixed economic data.
• Japan’s inflation reached its highest level in 41 years.
• London posted modest gains on a shortened trading day.

The global stock market ended Friday’s session with a mixed performance, as trading volumes were light due to the Christmas holiday and oil prices were boosted by a Russian threat to reduce output.

After opening in the red, US indices rebounded and finished moderately higher on the back of mixed economic data, while the US Congress approved a $1.7 trillion spending bill to keep the government running.

As the first day of the so-called Santa Claus rally period came to a close, Briefing.com reported that a late afternoon push higher brought the major indices close to their session highs, albeit with modest gains.

The broad-based S&P 500 ended the day up 0.6%, but with a slight loss for the week.

Orders for big-ticket In November, US manufactured goods fell more than anticipated due to a decline in aircraft orders.

The Federal Reserve closely monitors the personal consumption expenditures price index, which increased 0.1 percent from October to November and 5.5 percent from November of last year.

The annual rate was below October’s level but significantly higher than the two percent inflation target set by policymakers.

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Earlier, London posted modest gains on a shortened trading day, while Frankfurt and Paris posted identical losses.

After Wall Street finished Thursday in the red, Asia’s primary stock markets declined.

Japan’s inflation reached its highest level in 41 years, bolstering expectations that the country’s central bank will increase interest rates next year.

The yen soared this week after the Bank of Japan made an unexpected change to monetary policy that hinted at future rate hikes.

In the meantime, expectations that China’s economic growth will increase as it abandons its zero-Covid strategy have been dashed by an increase in cases across the country that has kept people at home and hampered economic activity.

According to Guan Yi Low of M&G Investments, the spike in Covid-19 infection rates following the easing of mobility restrictions will continue to restrain economic activity in the December-January time frame.

On Friday, a senior official warned that Russia may reduce its oil production by as much as seven percent in the coming year, causing oil prices to surge by more than two percent.

Moscow intends to keep its promise not to sell crude oil to nations implementing an international price cap in response to its invasion of Ukraine.

Chevron gained 3.1%, while Apache and Halliburton each gained 5.7% and 4.1%, respectively.

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