First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended December 28th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims slipped to 211,000, a decrease of 9,000 from the previous week's revised level of 220,000.

UK house prices posted a faster-than-expected growth and ended 2024 on a strong footing, the Nationwide Building Society said Thursday. House prices grew 4.7 percent year-on-year in December, faster than the 3.7 percent increase in November and also stronger than economists' forecast of 3.8 percent gain.

The euro area manufacturing sector continued to shrink in December on accelerated contractions in both orders and output, final data compiled by S&P Global showed on Thursday. The HCOB manufacturing Purchasing Managers' Index fell slightly to a three-month low of 45.1 in December from 45.2 in November. The flash reading was 45.2.

https://www.msn.com/en-gb/money/economy/oil-rises-as-investors-return-from-holidays-eye-china-recovery/ar-AA1wOUjm?ocid=BingNewsVerp

Final factory Purchasing Managers' survey results from the euro area and the UK are the top economic news due on Thursday. At 2.00 am ET, UK Nationwide house price data is due. House prices are forecast to climb 3.8 percent on year in December, slightly faster than the 3.7 percent rise in November.

China's manufacturing sector expanded at a softer pace in December largely due to weaker foreign demand, survey results from S&P Global showed Wednesday. The Caixin manufacturing Purchasing Managers' Index posted 50.5 in December, down from 51.5 in November. The score was expected to climb to 51.6. The survey showed that conditions in the manufacturing sector improved for a third straight month.

Singapore's economic growth exceeded expectations at the end of 2024 but the pace of moderated from the preceding period, official data revealed on Thursday. Gross domestic product expanded 4.3 percent on a yearly basis, which was slower than the 5.4 percent growth posted in the third quarter, advance estimates from the Ministry of Trade and Industry showed on Wednesday.

The U.S. dollar gained against its major counterparts on Tuesday, the final session of Year 2024, on strong year-end demand and amid bets the Federal Reserve will take a cautious approach with regard to interest rate cuts as economic policies under the upcoming Trump administration will likely stoke inflation.

China's private sector expanded at the end of the year as fiscal stimulus and loose monetary policy provided a near-term support to growth, official survey results revealed on Tuesday. The manufacturing Purchasing Managers' Index dropped to 50.1 in December from 50.3 in the previous month, data published by the National Bureau of Statistics showed.

A report released by the National Association of Realtors on Monday showed pending home sales in the U.S. surged by much more than expected in the month of November. NAR said its pending home sales index shot up by 2.2 percent to 79.0 in November after jumping by 1.8 percent to 77.3 in October. Economists had expected pending home sales to climb by 0.7 percent.

Chicago-area business activity unexpectedly contracted at an accelerated rate in the month of December, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer slid to 36.9 in December from 40.2 in November, with a reading below 50 indicating contraction. Economists had expected the Chicago business barometer to rise to 42.5.

Driven by caution ahead of the year-end, the U.S dollar inter alia gained against the euro, the Japanese yen, the Australian dollar, the Canadian dollar as well as the Swiss franc during the week ended December 27. The greenback however edged down against the British pound and the Swedish krona.

The Japanese yen weakened against other major currencies in the pre-European session on Monday, as traders speculate that the Bank of Japan (BoJ) is likely to deliver an interest rate hike in January.

The Antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Tuesday, as the crude oil prices climbed higher after data showed a sharp drop in U.S. crude inventories in the week ended December 20th. The ongoing conflict between Russia and Ukraine, and expectations of increased demand from China following the recent stimulus measures contributed as well to the rise in oil prices.

Industrial output in South Korea was down a seasonally adjusted 0.7 percent on month in November, Statistics Korea said on Monday - missing forecasts for a fall of 0.4 percent following the flat reading in October.

The U.S. dollar turned in a mixed performance against its major counterparts with traders assessing the Federal Reserve's likely moves with regard to interest rates next year.

Turkey's central bank lowered its key policy rate on Thursday, signaling a start to the easing cycle, after maintaining the key interest rate at a high level since the summer of 2023 amid the elevated inflationary pressures.

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended December 21st. The report said initial jobless claims slipped to 219,000, a decrease of 1,000 from the previous week's unrevised level of 220,000. Economists had expected jobless claims to rise to 224,000.

Japan's construction orders tumbled in November after rebounding sharply in the previous month. Construction orders received by the big 50 contractors in Japan fell 10.2 percent annually in November, reversing a 44.6 percent surge in the prior month. The decline in November was largely driven by a 41.1 percent plunge in foreign orders.

The Japanese yen weakened against other major currencies in the Asian session on Wednesday.

The Canadian dollar strengthened against other major currencies in the Asian session on Wednesday, as the crude oil prices moved higher on expectations the Chinese government will announce additional stimulus revive growth in the world's second largest economy.

The Indian rupee weakened against the U.S. dollar in the European session on Tuesday.

The antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Monday, as traders seemed reluctant to make more significant moves amid what is likely to be a quiet week due to the Christmas Day holidays.