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Global equity funds gained a fourth weekly inflow in five weeks in the week through Jan. 22 spurred by optimism for U.S. Federal Reserve rate cuts following cooling inflation and President Donald Trump's plans for extensive AI infrastructure spending. According to LSEG Lipper data, global equity funds attracted a net $7.42 billion worth of inflows during the weeks after having lost about $4.3 billion in outflows in the prior week. The MSCI World index has rallied nearly 5%, since the announcement of inflation report on Jan. 15, while the Europe's continent-wide STOXX 600 index hit a record high of 530.55 on Wednesday.

The core CPI for Japan's capital will come out after the Bank of Japan on Friday raised interest rates to their highest in 17 years, underscoring its confidence that rising wages will keep inflation stable around its 2% target. The core consumer price index (CPI) in Tokyo, a leading indicator of nationwide price trends, likely rose 2.5% year-on-year in January after a 2.4% gain in December, the median forecast of 16 economists showed. "Electricity and gas prices remained high and gains in gasoline prices likely pushed up inflation," said Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute.

Oil prices fell after Trump's comments, while the 10-year US Treasury yield rose, signaling that Trump may have less influence on interest rates.

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"You've got to bring down the oil price, you've got to end that war. They should have done it long ago," President Donald Trump said.

If the 10-year Treasury yield surpassed 5%, it could "shock" the stock market and "force a revaluation," BlackRock's Larry Fink said.

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