(fxcue news) - Indian shares look set to open on a positive note Monday after U.S. stocks showed a strong move back to the upside during trading on Friday. That said, a cautious undertone may prevail as foreign portfolio investors continue their selling spree and investors wait for cues from the Q3 earnings season, beginning with TCS this week. In economic releases, Composite PMI, Services PMI, industrial output and GDP growth data are awaited. Three weeks before the Union Budget for FY26, the National Statistics Office will release the first advance estimates of gross domestic product (GDP) for FY25 on January 7. Asian market fluctuated this morning despite a measure of China's services activity hitting a seven-month high. The dollar was mixed against major currencies after positive U.S. House Speaker election results. China's onshore yuan breached a key milestone for the first time since late 2023 amid reports that the People's Bank of China will issue the largest-ever offshore yuan bonds in Hong Kong this month. Gold ticked higher in Asian trade on safe-haven demand while oil prices hovered at their highest since October. U.S. stocks closed sharply higher on Friday after a shaky start to the new year. Shares of major tech companies surged amid expectations that they would benefit from continued spending on artificial intelligence. Bond yields eased slightly as new data showed U.S. manufacturing activity contracted at a slower rate in December. The tech-heavy Nasdaq Composite jumped 1.8 percent and the S&P 500 surged 1.3 percent to snap a five-day losing streak while the Dow added 0.8 percent. European stocks closed on a sluggish note Friday at the end of a holiday-shortened week. Luxury, auto and mining stocks led losses after reports emerged that China would sharply increase funding from ultra-long treasury bonds in 2025. The pan European STOXX 600 declined half a percent. The German DAX shed 0.6 percent, the U.K.'s FTST 100 dipped 0.4 percent and France's CAC 40 gave up 1.5 percent.