Asia stock markets trade mixed on Friday, tracking a downbeat session on Wall Street overnight, weighed down by a dispute between Trump and Elon Musk, and renewed US-China trade uncertainty. Gold rose to around $3,370 per ounce on Friday, climbing back to a four-week-high. Japan ( NKY:IND ) rose 0.37% rose 0.4% to above 37,600 while the broader Topix Index gained 0.4% to 2,767 on Friday, reversing losses from the previous session. The Japanese yen slipped toward 144 per dollar on Friday, extending losses from the previous session. On the domestic front, data showed that Japan’s household spending unexpectedly declined in April, as rising prices continued to weigh on consumer demand. Japan’s foreign reserves fell slightly by $110 million to $1.298 trillion in May 2025, remaining close to the highest level since mid-2022. China ( SHCOMP ) fell 0.06% traded around the flat line on Friday, struggling for clear direction as investors assessed the phone call between US President Donald Trump and Chinese President Xi Jinping, and the offshore yuan weakened toward 7.18 per dollar on Friday, extending losses from the previous session. President Trump and China’s Xi Jinping spoke on Thursday and agreed that officials from both sides would soon resume negotiations aimed at ending the trade war, though no concrete details were provided. Investors now turn their attention to upcoming Chinese inflation and trade data, due Monday, for fresh signals on the health of the world’s second-largest economy. Hong Kong ( HSI ) fell 0.09% to 23,834 in early trade on Friday, halting gains from the previous session. India ( SENSEX ) rose 0.18% The Reserve Bank of India lowered its key repo rate by 50 basis points to 5.50% at its May meeting, marking the third consecutive monthly rate cut. Australia ( AS51 ) fell 0.14% nearly flat to around 8,540 in early trading Friday, but on track for a fourth weekly gain. The Australian dollar slipped toward $0.650 on Friday, ending a two-day winning streak, amid cautious market sentiment. Private house approvals in Australia increased by 3.1% month-over-month to a seven-month high of 9,349 units in April 2025. The seasonally adjusted number of total dwellings approved in Australia fell 5.7% month-over-month to an eight-month low of 14,633 units in April 2025. In the U.S., on Thursday, all three major indexes ended lower as investors reacted to a public disagreement between President Trump and Elon Musk , renewed U.S.-China trade uncertainty , and increasing signs of a weakening labor market . U.S. stock futures stabilized on Friday as investors awaited the closely watched May jobs report, expected to shed light on the state of the labor market: Dow +0.32% ; S&P 500 +0.29% ; Nasdaq +0.23% . Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Australia's trade surplus narrows in April to AUD 5.41B on weaker exports, higher imports China's services sector growth accelerates in May amid stronger business & activity Australia's Q1 GDP misses estimates amid weak public spending, consumer demand, and exports Australia's manufacturing stalls at -23.5 in May, services sector continues 16-month growth Japan services PMI revised upward to 51.0 in May 2025
