Chinese industrial profits surged after months of declines, signalling that national campaigns to tackle overcapacity and excessive competition are bearing fruit.
The number of Americans filing new applications for unemployment benefits fell last week, but the labour market has lost its lustre amid an anaemic pace of hiring.
The US economy grew in the second quarter at the fastest pace in nearly two years as the government revised up its previous estimate of consumer spending.
The European Commission plans to impose tariffs of 25% to 50% on Chinese steel and related products in the next few weeks, German business daily Handelsblatt reported, citing senior officials in Brussels.
Asia shares got off to a shaky start on Friday after US President Donald Trump unveiled a fresh round of punishing tariffs and as traders pared bets of sharp US rate cuts following stronger-than-expected economic data.
Japan's finance ministry said on Friday that it will set up an investment facility at a state-owned development bank to support a US$550 billion (RM2.32 trillion) investment package agreed in Tokyo's tariff deal with Washington.