In Asian Equity Markets activity was lower than normal with markets in China, Hong Kong, Taiwan, South Korea, Malaysia and Vietnam closed. Japan’s benchmark Nikkei rallied 1.19 percent, notching a weekly gain of 1.58 percent. Utilities were among the biggest gainers, with Kansai Electric Power ending 5.89 percent higher and Chubu Electric Powerrising 6.52 percent. Used-car dealer Idom soared 2.37 percent on news that it is partnering with Uber in Africa. Australia’s benchmark ASX 200 reversed earlier gains to close slightly lower, weighed down by manganese miner South32. The stock slid 5.1 percent despite reporting strong first-half profit numbers on Thursday. Health-care stocks led the gains on the ASX 200. Private hospital operator Healthscope jumped 6.46 percent on hopes of a potential sale of its Asian pathology business.

In Currency Markets the US dollar slipped to a three-year low against a basket of currencies on Friday, headed for its biggest weekly loss in two years, as bearish factors offset support the U.S. currency could take from rising Treasury yields. Extending overnight losses, the dollar’s index against a group of six major currencies lost about 0.4 percent to 88.253 , the lowest since December 2014. The index was on track to lose more than 2 percent on the week in its largest decline since February 2016.  The euro was up 0.4 percent at $1.2553 after reaching a three-year top of $1.2556 and poised to gain 2.4 percent this week. The Swiss franc reached 0.9190 franc per dollar, its strongest since June 2015. The dollar was down 0.4 percent at 105.685 yen after slipping to 105.545, its lowest in 15 months. It was on track for a weekly loss of 2.9 percent.

In Commodities Markets oil prices edged higher on Friday as the dollar stood near a three-year low in subdued Asian trade, with many markets closed for the Lunar New Year holiday. NYMEX crude for March delivery was up 0.3 percent, at $61.50 a barrel, after settling up 74 cents on Thursday. For the week, the contract has risen nearly 4 percent after losing nearly 10 percent last week. London Brent crude was up 0.4 percent, at $64.59 after settling down 3 cents. Brent is up nearly 3 percent for the week after falling more than 8 percent last week. Gold prices edged higher on Friday, heading for their biggest weekly percentage gain in nearly two years, buoyed by a weaker U.S. dollar and as investors looked to hedge against inflation. U.S. gold futures climbed 0.5 percent to $1,361.60 per ounce.

In US Equity Markets jumped on Thursday to notch its fifth straight session of gains, led by Apple and other technology stocks as investors shrugged off recent inflation worries that sent the market into a sell-off at the start of the month. Apple Inc jumped 3.36 percent and contributed more than any other stock to gains on the S&P 500 after Warren Buffett’s Berkshire Hathaway made the iPhone maker its top investment. Cisco gained 4.73 percent following upbeat results and a strong forecast, as the network gear maker’s years-long efforts to transform into a software-focused company began to pay off. The S&P 500 gained 1.21 percent, to 2,731.2 and the Nasdaq Composite added 1.58 percent, to 7,256.43. Energy was the only major S&P 500 sector index to fall, pulled down 0.42 percent by weaker oil prices.

In Bond Markets Japanese government bond prices edged higher on Friday following an overnight bounce by U.S. Treasuries, although gains were limited as the Nikkei rallied for the second day. The 10-year JGB yield fell 0.5 basis point to 0.055 percent and the 40-year yield fell 1 basis point to 0.915 percent. U.S. Treasury yields slipped on Thursday after sizable gains in recent sessions, as investors took a breather from selling bonds and readjusted positions to prepare for more inflation-related volatility, a scenario that could take yields even higher. U.S. benchmark 10-year yields, which move inversely to prices, earlier hit a fresh four-year high of 2.944 percent, before pulling back. So far this year, 10-year yields have climbed nearly 50 basis points.