Asian stocks closed with mixed results on Friday but managed to break a two-week losing streak, buoyed by interest-rate cuts from the European Central Bank and the Bank of Canada.
Weak U.S. economic data has fueled expectations for potential rate cuts by the Federal Reserve, while China released mixed trade data.
U.S. Treasuries showed little movement, and the dollar remained near an eight-week low against a basket of currencies as markets awaited key U.S. jobs figures, which could impact the Federal Reserve's decisions on rate cuts.
Gold remained steady near a two-week high, poised for its first weekly gain in three weeks. Oil prices were relatively unchanged following two days of gains, as OPEC ministers indicated they might adjust the oil supply agreement if necessary.
China's Shanghai Composite Index closed marginally higher at 3,051.28 after mixed trade data was reported. Meanwhile, Hong Kong's Hang Seng Index fell by 0.59% to finish at 18,366.95.
China's exports grew by 7.6% annually in contrast to April's 1.5% rise, surpassing analysts' expectations of 6.0% growth. However, import growth slowed to 1.8% from the previous month's 8.4%.
Japanese markets ended slightly lower due to speculation that the Bank of Japan might offer hints about its bond tapering plans in next week's meeting. Investors also responded to data showing Japanese household spending rose for the first time in 14 months in April, although consumer spending remained cautious amid rising prices.
Mitsubishi UFJ Financial Group shares dropped 1.7%, and Sumitomo Mitsui Financial Group saw a slight increase after news that both companies plan to divest approximately 1.32 trillion yen ($8.5 billion) in strategic shareholdings in Toyota Motor Corp. Toyota shares fell by 1.7%.
South Korean stocks saw a rally, with the Kospi Average climbing 1.23% to 2,722.67, driven by increased hopes for U.S. rate cuts. Heavyweight Samsung Electronics ended slightly lower after the largest union at the company in South Korea initiated a strike for the first time in its 55-year history.
Australian stocks experienced modest gains, led by gold miners. Resolute Mining, St Barbara, and Regis Resources surged between 4% and 7%, following a rise in bullion prices on Fed rate cut speculation.
The benchmark S&P/ASX 200 climbed 0.49% to 7,860, while the broader All Ordinaries Index ended 0.48% higher at 8,112.80.
In New Zealand, the benchmark S&P/NZX-50 Index closed down by 0.97% at 11,856.56.
U.S. stocks ended the previous night narrowly mixed as weak jobless claims data and Wednesday's ADP report heightened expectations for rate cuts. While the Dow inched up by 0.2%, both the tech-heavy Nasdaq Composite and the S&P 500 finished slightly lower.
