Most Asian stocks moved in a flat-to-low range on Friday with Japanese markets under pressure from substantially weaker-than-expected GDP data, while steep losses in Alibaba pulled down Hong Kong’s Hang Seng. 

Oil prices extended declines on Friday, under increased supply pressure from an OPEC+ output hike and the prospect of an Iranian nuclear deal, but are heading for a second consecutive weekly gain due to easing U.S.-China trade tensions.

Singapore’s non-oil domestic exports rose 12.4% in April from the same month a year earlier, government data showed on Friday, well ahead of analyst estimates and a bright spot for an economy heavily exposed to global trade uncertainty.   

Malaysia’s economy experienced a 4.4% growth in the first quarter of 2025, compared to the same period a year earlier.

Japan’s economy shrank much more than expected in the first quarter of 2025, as the country’s key exports slid amid tariff-related disruptions in global trade, while private consumption remained weak. 

Barclays no longer expects the U.S. economy to slip into a recession later this year and has revised up its growth forecasts, given signs of a de-escalation in U.S.-China trade tensions, the bank said in a note released late Thursday.