(fxcue news) - Indian shares look set to open on a buoyant note Friday as signs of slowing inflation in the U.S. coupled with upbeat consumer spending and labor market data underscored a resilient economy but prompted traders to lower their expectations of aggressive Federal Reserve interest-rate cuts this year. That said, Hindenburg's latest allegations against market regulator SEBI and news reports suggesting that Iran could attack Israel with no warning within days may trigger some profit taking at higher levels as the session progresses. Indian stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), were closed Thursday on account of Independence Day. Benchmark indexes Sensex and Nifty eked out modest gains on Wednesday while the rupee gained 2 paise to close at 83.95 against the dollar. Asian markets traded higher this morning, with Japan's Nikkei average poised for its best week in over four years. The dollar, gold and U.S. Treasury yields were little changed while oil prices dipped but were set for a weekly gain on easing fears of a potential recession in the top oil consuming nation. U.S. stocks rose sharply overnight while two-year Treasury yield rose by the most in four months as strong retail sales data and lower-than-expected weekly jobless claims helped ease fears of a looming recession. Strong earnings reports from retailer Walmart and tech giant Cisco also boosted investor sentiment. The tech-heavy Nasdaq Composite soared 2.3 percent and the S&P 500 rallied 1.6 percent to post their best six-day gain since November 2022. The Dow gained 1.4 percent to end higher for the fifth time in the last six trading sessions. European stocks rose for a third straight session on Thursday as upbeat data raised hopes of a soft landing for the world's largest economy. The pan European STOXX 600 advanced 1.2 percent. The German DAX surged 1.7 percent, France's CAC 40 climbed 1.2 percent and the U.K.'s FTSE 100 added 0.8 percent.