Shares in Asia rose on Friday afternoon trading, as data showed that Singapore's economy shrank much more than expected in the second quarter.
Nikkei 225 in Japan traded up 0.12%, while the Topix index fell 0.14%. Over in South Korea, Kospi was advanced 0.24%.
Australia's S & P / ASX 200 fell fractionally as the sectors mainly fell. Overall, MSCI's widest Asia-Pacific stock index outside Japan increased by 0.11%.
Mainland Chinese stocks recovered from previous increase, to increase at morning meeting, with Shanghai composed 0.46% and Shenzhen composite 0.478% higher. The Shenzhen component also gained 0.66%, while Hong Kong's Hang Seng index rose 0.5%.
Next time, investors will look for the release of Chinese trading data for June to assess the impact of Beijing's ongoing trade crisis with Washington. [1
Singapore flirting with recession now
Gross domestic product in Singapore fell 3.4% in the April-June period compared to the previous quarter on an annual basis and seasonally adjusted, according to preliminary data released Friday . Expectations of an increase of 0.1% from the quarter to the quarter from a Reuters survey were largely missed.
Compared to a year earlier, GDP rose 0.1% in the second quarter – the slowest growth in the years since the second quarter of 2009 – also less than the forecast for a 1.1% expansion in a Reuters survey.
Despite the poorer than expected data printing, Singapore's markets achieved their earlier decline, while Straits Times Index is trading 0.23% higher in the morning.
"This is pretty bad," said Sian Fenner, leading Asia economist at Oxford Economics, to CNBC's "Squawk Box" on Friday. "We were looking for a negative contraction (quarter in a quarter) just given the fact that we have seen the manufacturing figures so weak, we have also seen the export figures contracted, but this was a big mistake."  "Singapore is … really flirting with recession now," said Fenner.
Record close for Dow
Staying on Wall Street, crossing the 30-share Dow 27,000 for the first time in history, adding 227.88 points to close at 27,088.08. S & P 500 also posted a record high, rising 0.2% to 2,999.91. The Nasdaq Composite, on the other hand, declined 0.1% to complete its trading day at 8,196.04.
The movements came through rising expectations that the US Federal Reserve would cut interest rates at its upcoming monetary policy meeting in July. Market expectations for a downturn later this month are 100%, according to the CME Group's FedWatch tool.
Currencies and Oil
The US Dollar Index, which tracks the dollar against a basket of its peers, was 96,933 after touching a previous high of 97,116
The Japanese yen traded at 108.40 against the dollar after weakening from levels below 108.0 in the previous session, while the Australian dollar changed to $ 0.6994 after trading below $ 0.695 earlier this week.
Oil prices rose in the afternoon in Asian trading hours, with the international benchmark index Brent crude futures contract adding 0.62% to USD 66.93 per barrel and US crude futures increasing 0.56% to $ 60.54 per barrel.
Here you look forward to some of the data set to be released today:
- Singapore: Retail in May at 13:00 HK / SIN
- India: Industrial production and inflation 8:00 pm HK / SIN
- China: New loans and outstanding loan growth
– Reuters and CNBC's Fred Imbert contributed to this report.