That's it from me. Happy Friday — happy Christmas! Head over to our US site for more market moving news.

Axel Rudolph, senior technical analyst at online trading platform IG, said:

Vicky McKeever writes:

Shares in Nike were down 5% in pre-market trading on Friday, after the sportswear brand posted its latest quarterly earnings after the market close on Thursday.

Nike logged revenue of $12.35bn (£9.86bn) in its fiscal second quarter, which was ahead of expectations of $12.13bn, though this was still a drop from the $13.39bn it reported a year ago.

Adjusted earnings per share came in at $0.78, versus estimates of $0.63, though this was still lower than last year's $1.03.

This was the first set of earnings Nike reported under its new CEO Elliott Hill, who took over from John Donahoe in October.

Hill kicked off the earnings call by saying he believes Nike "lost" its "obsession with sport."

"We will lead with sport and put the athlete at the center of every decision," he said.

Hill added that his team plans to reinvest in brand storytelling and "build back an integrated marketplace across Nike Direct and wholesale."

Stock futures are looking more optimistic as we head to market open in the US following that inflation data. Lines pointing upwards (but not in the green yet) for Nasdaq, Dow and S&P 500.

Here are the raw figures:

Delivery giant FedEx surged nearly 8% in pre-market trading on Friday, after the company released its fiscal second quarter earnings and announced plans to spin out the FedEx Freight business.

Adjusted earnings per share of $4.05 bested estimates of $3.98, though revenue of $22bn fell just short of expectations of $22.15bn.

Revenue from its FedEx Freight unit of $2.18bn, was also lower than the $2.36bn expected by analysts.

FedEx CEO Raj Subramaniam said: "Our second quarter results demonstrate that our efforts to transform our operations are working.

"The Federal Express segment delivered operating profit growth despite several headwinds, including the continued weak US domestic demand environment as well as the expiration of our US Postal Service contract."

FedEx said it completed $1bn in share repurchases in the quarter and expected buy back a further $500m of common stock during the remainder of its fiscal 2025 year.

From our Trending Tickers dispatch:

Shareholders in Boohoo are set to vote on Friday whether they will back the incumbent management team or vote retail mogul Mike Ashley onto the board.

Boohoo and Ashley's Frasers Group (FRAS.L) have been embroiled in public row over the past month, as the latter has tried to gain more control at the fast fashion retailer.

Both Boohoo and Frasers shares were flat ahead of the vote on Friday morning.

Russ Mould, investment director at AJ Bell, said: "It’s no secret which way major shareholder and Ashley-founded Frasers will go, after all it brought the resolutions which also call for the removal of co-founder Mahmud Kamani and the appointment of restructuring expert Mike Lennon as a director."

“However, as Boohoo has been enthusiastically amplifying, the big proxy advisers have been recommending investors vote against Frasers’ proposals."

"Boohoo is in a vulnerable position given it is trading way below the 400p-plus highs the shares attained in 2020," Mould said. "Ethical issues around its supply chain, balance sheet problems, a shift away from online shopping for clothes and a loss of momentum for the whole fast fashion trend have conspired to put the stock on its knees

"For all his detractors Ashley has a lot of experience in retail and has broadly been successful, so some shareholders might welcome his input," Mould added. "Others may agree with Boohoo that this is an attempt to take control of the business by stealth and ultimately gobble it up."

Danni Hewson, AJ Bell head of financial analysis on the public finances data this morning:

Chief secretary to the Treasury Darren Jones, said

Stocks are lower again in premarket, after a tepid day of trade on Thursday.

UK government borrowing fell to £11.2bn in November, the lowest figure for the month in three years, according to official data released by the Office for National Statistics (ONS).

The ONS reported that public sector net borrowing — the difference between public sector spending and income —was £3.4bn lower than in the same month last year, providing a boost for chancellor Rachel Reeves.

Economists had predicted borrowing of £13.3bn for the month, making the actual figure a positive surprise. The new data also revealed that central government debt interest fell to £3bn in November, the lowest level for the month in five years.

This decline was largely attributed to movements in the retail price index (RPI), a key measure of inflation that tracks the prices of goods in shops, the ONS explained.

Read more on Yahoo Finance UK

Our US team writes:

US stocks closed little changed as a rebound from the previous day's sell-off flopped with a hawkish outlook from the Federal Reserve on its path for interest rates looming over markets.

The Dow Jones Industrial Average (^DJI) ended a 10-day losing streak, its longest in 50 years, as it closed just above the flat line on Thursday. Meanwhile, the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) both fell about 0.1%.

The 10-year Treasury yield (^TNX) continued its trek higher on Thursday, rising roughly seven basis points to hit 4.57% for its highest levels since May.

Markets were looking to bounce back after a harsh reaction the day before, which was prompted by the Fed scaling back the number of rate cuts it expects next year and Chair Jerome Powell saying Wednesday's decision — cutting rates by a quarter point — was a "closer call."

Hello from London. It's been a busy week already with a raft of central bank announcements.

This morning we've had retail sales data and details on public finances out of the UK.

There are — as far as I can see — no major earnings reports on the slate.

Let's get to it.