Upstream Share Discussion Threads

[master rsi] 16/11/2024 00:20

Gold prices slump to worst week since 2021 as rate-cut bets fade

Investing.com-- Gold prices on Friday slumped to their worst week since 2021, as the Federal Reserve signalled no need for speed on rate cuts, pushing Treasury yields and the dollar higher.

The yellow metal was also battered by a risk-on rally in the wake of a Donald Trump victory in the 2024 presidential election. Markets were also uncertain over the outlook for interest rates under Trump.

Spot gold fell 0.1% to $2,561.81 an ounce, while gold futures expiring in December fell 0.3% to $2,566.35 an ounce.

Gold set to lose over 4% this week
Spot gold was trading down about more than 4% this week, its worst performance since June 2021. The yellow metal had initially tumbled from record highs after Trump’s election victory ramped up risk appetite last week.

Losses deepened this week as the dollar shot up to one-year highs amid increasing uncertainty over the near-term outlook for interest rates.

U.S. consumer and producer inflation read sticky for October, while comments from Federal Reserve officials suggested the central bank was more cautious over cutting interest rates further.

Fed Chair Jerome Powell said resilience in the U.S. economy meant the central bank could take its time to cut rates further. His comments saw traders pare expectations for a December rate cut.

Traders were seen pricing in a 61% chance for a 25 basis point rate cut in December, down from an 85.7% chance seen on Thursday. Traders also saw a 39% chance rates will remain unchanged, CME Fedwatch showed.

[master rsi] 15/11/2024 23:55

Best performing shares ( UPS ) during NOVEMBER


Share
Mid
Highest
% Change
Rank


HE1
O.875
1.085
24.00
1


IQE
11.60
12.80
10.34
2


GGP
5.30
5.55
4.72
3


SFOR
34.81
36.43
4.65
4


RGL
128.20
133.25
3.94
5


SDY
32.875
33.40
1.60
6


SBTX
14.625
14.625
0.00
7

[master rsi] 15/11/2024 22:41

LONDON MARKET CLOSE: Stocks struggle as Powell signals slower Fed cuts MARKET REPORT
(Alliance News) - Stock prices in London closed lower, while equities in New York opened in the red after Federal Reserve Chair Jerome Powell dashed rate cut hopes overnight.

The FTSE 100 index lost 7.58 points, 0.1%, at 8,063.61. The FTSE 250 declined 46.17 points, 0.2%, at 20,476.64, and the AIM All-Share gave back 2.24 points, 0.3%, at 727.14.

For the week, the FTSE 100 slipped 0.1%, the FTSE 250 declined 0.2% and the AIM All-Share shed 1.0%.

The Cboe UK 100 ended down 0.1% at 810.98, the Cboe UK 250 rose 0.2% to 17,990.63, and the Cboe Small Companies added 0.7% at 15,852.72.

In European equities on Friday, the CAC 40 in Paris ended 0.6% lower, while the DAX 40 in Frankfurt declined 0.3%.

The pound was quoted at USD1.2639 late on Friday afternoon in London, down compared to USD1.2713 at the equities close on Thursday. The euro fell to USD1.0538, against USD1.0576. Against the yen, the dollar was trading lower at JPY154.72 compared to JPY155.81.

Powell supported a gradual approach to lowering interest rates, saying the US central bank does not need to be "in a hurry" given a strong economy and after making progress in lowering inflation.

"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully."

"The recent performance of our economy has been remarkably good, by far the best of any major economy in the world," he added.

In New York, the Dow Jones Industrial Average was down 0.5% at the time of the closing bell in London. The S&P 500 was 1.1% lower and the Nasdaq Composite slumped 1.9%.

"The post-election rally hit a brick wall overnight after Fed Chair Jerome Powell delivered a dose of "unvarnished truth," hinting that economic strength might warrant patience on future rate cuts. This was a cold splash of reality for equity traders, who were already loaded up to an 11-year high in U.S. stocks post-Trump victory," SPI Asset Management analyst Stephen Innes commented.

In London, healthcare stocks were perturbed by a US President-elect Donald Trump pick for his cabinet.

Trump on Thursday tapped anti-vaccine activist and conspiracy theorist Robert F Kennedy Jr. as his secretary of health in the latest provocative nomination from the incoming Republican president.

GSK fell 3.9% and AstraZeneca shed 3.1%.

TT Electronics confirmed it rejected a Volex takeover proposal, with a higher bid from a third party also being declined.

Shares in the manufacturer of electronic components jumped 41%.

It said it rejected the unsolicited Volex approach as "fundamentally undervaluing TT Electronics and its long-term prospects".

TT added that it recently rejected an all-cash indicative offer from an unnamed party at a significantly higher value than presented by the Basingstoke, Hampshire-based specialist integrated manufacturer of critical power and data transmission products.

Earlier on Friday, Volex revealed it had made two takeover offers for TT Electronics, but said TT's board has refused to engage in talks.

Volex shares slumped 11%.

China-exposed shares ended higher, on promising retail sales in the Asian nation. Miners Anglo American added 1.6%, Asia-focused insurer Prudential rose 1.8% and lender HSBC climbed 1.5%.

China's retail sales last month grew at their fastest clip since the start of the year, official figures showed Friday, an encouraging sign for Beijing as it looks to boost sluggish consumption.

Officials have since late September unveiled a slew of measures including interest rate cuts and debt swaps intended to boost activity in the world's second-largest economy, which has struggled to regain momentum since the pandemic.

Among the woes facing policymakers are slumping domestic consumption resulting in deflationary pressure, a property sector bust and geopolitically fraught trade disputes.

Retail sales expanded 4.8% on-year in October, the National Bureau of Statistics said, speeding up from the 3.2% in September.

The reading also significantly outperformed the 3.8% forecast in a Bloomberg survey of analysts and represents the best reading since February.

Data from the UK was less emphatic. UK gross domestic product edged up 0.1%, missing the 0.2% consensus, and slowing from 0.5% seen between April and June, according to the Office for National Statistics.

"The engine of the UK economy, services, rose by a mere 0.1% last quarter, while construction jumped by 0.8%. However, the main culprit was manufacturing, and there were declines across most manufacturing sub sectors in the three months to September," XTB analyst Kathleen Brooks commented.

"There was some good news, the report showed a rise in private consumption, and strong fixed capital formation, or investment. Total business investment was also strong, rising at a 1.2% quarterly rate. This could help to trigger growth down the line. However, at first glance, this GDP report supports the view of both the OBR and the BOE that the UK economy is a high spending, low growth economy as we move towards the end of 2024."

Brent oil was quoted lower at USD72.08 a barrel late on Friday afternoon, down from USD72.43 at the time of the London equities close on Thursday. Gold was quoted lower at USD2,569.63 an ounce against USD2,576.68 on Thursday.

Monday's economic calendar is quiet, before the week picks up with a eurozone inflation reading on Tuesday and UK consumer price index data on Wednesday.

Monday's local corporate calendar has half-year results from self storage provider Big Yellow Group.

[master rsi] 15/11/2024 22:14

How the UPS are performing during last month

[master rsi] 15/11/2024 21:52

How the UPS are performing today

[master rsi] 15/11/2024 21:36

DOW

305 points lower

[master rsi] 15/11/2024 16:27

Rosslyn inks big partnership with top-five consulting firm

(Sharecast News) - Enterprise spend intelligence specialist Rosslyn Data Technologies announced on Friday that it has formed a significant partnership with a top-five global consulting firm.

The AIM-traded company said the partnership had already delivered results, with Rosslyn securing a contract valued at over £0.1m in annual recurring revenue and a combined contract value of £0.52m over three years from the consulting partner and its client.

Under the agreement, Rosslyn said it would establish a centre of excellence within the US-based entity of the unnamed consulting firm, in a bid to enhance the partner's ability to leverage Rosslyn's spend intelligence platform.

The consulting firm, which it described as a global leader in procurement operations consulting, reportedly intended to recommend Rosslyn as its preferred supplier, creating significant growth opportunities.

Rosslyn said it was selected by the consulting partner after a competitive process to replace its in-house system with an enterprise-grade solution.

The initial project would focus on providing spend visibility for over $5bn in annual expenditures across 17,500 suppliers.

It said the three-month initiative would embed Rosslyn's platform within the consulting partner's operations in North America, and lay the groundwork for a joint go-to-market strategy.

shares in Rosslyn Data Technologies were up 8.24% at 5.09p.

[master rsi] 15/11/2024 16:02

FTSE 100 movers: Pharma stocks take a hit; Land Securities rallies
(Sharecast News) - London's FTSE 100 was down 0.1% at 8,062.10 in afternoon trade on Friday.

Land Securities gained after saying it returned to profit in the six months to 30 September as the property market continued to recover, underpinned by growing demand.

Pre-tax profit came in at £243m, compared with a loss of £193m a year earlier. The company also lifted guidance for EPRA full-year earnings.

Pharma stocks were under the cosh, with GSK and AstraZeneca among the worst performers after US President-elect Donald Trump selected Robert F. Kennedy Jr to lead the Department of Health and Human Services.

Russ Mould, investment director at AJ Bell, said: "The announcement of vaccine-sceptic Robert F. Kennedy Junior as health secretary pick for the incoming Trump administration has spooked investors in the sector, with US drug companies also seeing their shares come under significant pressure overnight.

"The impact on the sector is hard to judge fully at this stage but, at the very least, it will cause a good deal of uncertainty."

FTSE 100 - Risers

Land Securities Group (LAND) 602.00p 3.79%

easyJet (EZJ) 532.00p 2.82%

Anglo American (AAL) 2,305.50p 2.74%

Prudential (PRU) 645.00p 2.32%

Lloyds Banking Group (LLOY) 56.24p 2.18%

Fresnillo (FRES) 642.00p 2.07%

Aviva (AV.) 484.90p 2.00%

Glencore (GLEN) 382.00p 1.95%

Rio Tinto (RIO) 4,827.50p 1.94%

Smith (DS) (SMDS) 568.00p 1.88%

FTSE 100 - Fallers

GSK (GSK) 1,286.50p -4.95%

Relx plc (REL) 3,519.00p -3.30%

AstraZeneca (AZN) 9,975.00p -3.08%

Croda International (CRDA) 3,509.00p -2.77%

B&M European Value Retail S.A. (DI) (BME) 390.00p -2.21%

Vistry Group (VTY) 699.00p -2.17%

Intertek Group (ITRK) 4,408.00p -1.87%

Melrose Industries (MRO) 493.30p -1.85%

Associated British Foods (ABF) 2,202.00p -1.83%

Experian (EXPN) 3,595.00p -1.70%

[master rsi] 15/11/2024 15:47

Pennsylvania Moves to Establish First-Ever State Bitcoin Reserve
Pennsylvania has proposed a Bitcoin Strategic Reserve bill that seeks to incorporate cryptocurrency into state reserves, setting a precedent for digital asset adoption in government finance.

Proposal for a Bitcoin Reserve
Pennsylvania has introduced a bill aiming to create a Bitcoin Strategic Reserve, marking a significant step in integrating digital assets into state-level financial strategies. The proposal, spearheaded by Representative Mike Cabell, seeks to position Pennsylvania as a leader in cryptocurrency adoption, aligning the state’s financial planning with emerging trends in digital asset management.
The legislation would allow the state treasury to allocate a portion of its reserves exclusively to Bitcoin. Advocates view this as a hedge against inflation and a move to safeguard the economic future of the Commonwealth.

Broader National Context
The introduction of this bill follows national discussions on cryptocurrency reserves. President-elect Donald Trump had proposed a federal Bitcoin reserve, sparking similar initiatives in states like Wyoming, where Senator Cynthia Lummis plans to introduce her own Bitcoin reserve legislation. Trump's pro-crypto stance and promises to establish the U.S. as the "crypto capital of the planet" have driven Bitcoin's price to new heights, recently reaching over $93,000 per token.
Support from Advocacy Groups

The Satoshi Action (WA:ACT) Fund has praised Pennsylvania’s proactive stance, emphasizing the state’s leadership in adapting to financial instability and inflationary pressures. Co-founder Dennis Porter highlighted the broader implications of the bill, noting that it could serve as a model for other states considering similar legislation.

"This initiative places Pennsylvania at the forefront of states preparing for a future centered on digital assets.”

Steps Toward Implementation
Representative Cabell acknowledged the collaborative efforts required to advance the legislation, emphasizing the importance of advocacy groups in fostering relationships with state legislatures and Congress.
He stated,

“This work cannot be done by one lawmaker or even a group of lawmakers; it requires advocates who understand the policy intricacies and can help foster these relationships within state legislatures and Congress.”
The bill has already cleared the Pennsylvania House and is now under consideration in the Senate. If passed, it will require the Governor’s approval to become law. Cabell suggested that assets from the state’s $7 billion rainy day fund could be partially allocated to Bitcoin to counter inflation's impact on purchasing power.
Setting a National Precedent

If enacted, Pennsylvania would be the first U.S. state to establish a Bitcoin reserve, setting a precedent for integrating digital assets into state-level financial management. This move could influence other states and potentially accelerate national efforts to formalize cryptocurrency as a recognized asset class within government operations.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

[master rsi] 15/11/2024 15:32

TAP.PL - (AQSE: TAP) 2.80p +0.15p

After early profit taking is now on the way up again

[master rsi] 15/11/2024 15:18

TTG 113p +34.50p / Response to announcement by Volex plc ("Volex")

The TT Electronics Board notes the recent announcement by Volex plc ("Volex").

The TT Electronics Board confirms that on 31 October 2024, the Company received an unsolicited conditional proposal from Volex to acquire the entire issued and to be issued share capital of the Company for 62.9 pence per share in cash and 0.223 new Volex shares for each TT Electronics share (the "Volex Proposal"). Based on Volex's closing price of 325.0 pence per ordinary share as at 31 October 2024, the Volex Proposal valued each TT Electronics share at 135.5 pence.

On 7 November 2024, the TT Electronics Board, having carefully considered the Volex Proposal together with its advisers, unanimously rejected the Volex Proposal as fundamentally undervaluing TT Electronics and its long-term prospects.

The TT Electronics Board also announces that it has recently received and rejected an all-cash indicative proposal from another party at a significantly higher value than the Volex Proposal. There are no ongoing discussions with this party.

Shareholders are advised to take no action. There can be no certainty that an offer will be made. A further announcement will be made as and when appropriate.

In accordance with Rule 2.6(a) of the Takeover Code, by not later than 5.00 pm (London time) on 13 December 2024, being the 28th day following the date of this announcement.

[master rsi] 15/11/2024 15:04

How the UPS are performing during last month

[master rsi] 15/11/2024 15:00

How the UPS are performing today

[master rsi] 15/11/2024 14:53

DOW

!82 points at the opening

[master rsi] 15/11/2024 11:18

BOOM 225p +10p / Audioboom upgrades guidance amid Showcase revenue growth

Audioboom Group PLC - Jersey-based podcast publisher - Confirms that Showcase revenue has risen as anticipated, surging 49% higher year-on-year in October. Showcase is the group's global advertising technology-based marketplace.

The group therefore now expects to report adjusted earnings before interest, tax, depreciation and amortisation profit of USD2.8 million for 2024, ahead of a company-compiled market consensus of USD2.5 million and ahead of the company's own USD1.0 million forecast in mid-October.
This compares to an adjusted Ebitda loss of USD396,000 in 2023.

[master rsi] 15/11/2024 11:07

AMRQ 78p = / Amaroq Minerals signs gold output offtake deal with Auramet

Amaroq Minerals Ltd - gold and strategic mineral mine developer in southern Greenland - Signs offtake agreement with Auramet International Inc, under which Auramet will buy all of the gold produced from Amaroq's Nalunaq gold mine in Greenland. Further, Amaroq signs a deal with Metalor Technologies SA, which specialises in the evaluation and refining of precious metals at its refinery in Switzerland. Metalor will process all the dore alloy obtained from Nalunaq.

Amaroq Chief Financial Officer Ellert Arnarson says: "We are pleased to have signed these important agreements with established partners in the industry, providing us with the necessary support and expertise to ensure the successful delivery and sale of gold produced from Nalunaq at competitive industry terms. Importantly, we are also committed to offering local people the opportunity to buy gold sourced from Nalunaq, and will be partnering with a UK refinery to enable us to do so. We look forward to a productive collaboration as we approach first gold and beyond."

[master rsi] 15/11/2024 10:42

UK scrambles jets to monitor Russian military plane over North Sea

(Alliance News) - UK jets were scrambled to monitor a Russian reconnaissance aircraft flying close to UK airspace, the defence minister in London said on Friday.

Two Typhoons from RAF Lossiemouth in Scotland followed the Russian Bear-F aircraft as it flew over the North Sea on Thursday, the ministry said.

"At no time was it able to enter UK sovereign airspace," it added.

The Typhoons were supported by a Voyager refuelling aircraft.

"Our adversaries should be in no doubt of our steadfast determination and formidable ability to protect the UK," said armed forces minister Luke Pollard.

"The Royal Navy and RAF (Royal Air Force) have once again shown they stand ready to defend our country at a moment's notice and I pay tribute to the professionalism and bravery of those involved in these latest operations," he added.

The Royal Navy also shadowed Russian military vessels passing through the Channel this week, said the defence ministry.

It added that it was the second time in three months that Russian ships and aircraft had been detected within a week of each other.

Incidents involving Russian and Western aircraft have multiplied over the recent months against the backdrop of Russia's invasion of Ukraine.

[master rsi] 15/11/2024 10:21

TTG 108.90p +29.50p / TT Electronics rejects GBP249 million takeover bid by Volex
(Alliance News) - Volex PLC on Friday revealed it has made two takeover offers for TT Electronics PLC, but said TT's board has refused to engage in talks.

The Basingstoke, Hampshire-based specialist integrated manufacturer of critical power and data transmission products said its initial bid for TT, a Woking, Surrey-based manufacturer of electronic components valued TT shares at 129.0 pence.

The offer was for 62.9p in cash coupled with 0.203 of a new Volex share per TT share.

Volex followed up with an offer valuing TT's shares at 135.5p. However, per yesterday's closing price for Volex, the implied value is now 139.6p, a 77% premium to TT's closing price of 79.0p on Thursday.

The second offer which comprised 62.9p in cash with 0.223 Volex shares per TT share values TT at GBP248.6 million.

Off the back of the approaches, TT shares were up 36% to 107.10p on Friday morning in London. By contrast, Volex shares were down 12% to 302.50p.

Volex said its proposal represents a "highly attractive opportunity" for TT shareholders, but noted that the TT board has declined to engage with its team, rejecting both proposals.

Volex Executive Chair Nat Rothschild said: "We believe that bringing Volex and TT Electronics together in a highly synergistic transaction would create a scaled and diversified leader in the specialist electronics market which would act as a platform for future organic and inorganic growth and significant value creation."

Volex announced its plans to buy the firm the day after TT shared a trading update and revealed its long-standing chief financial officer, Mark Hoad, is intending to retire in September next year.

In the four months to October 26, TT reported a 1% reduction on organic revenue year-on-year, with 10% growth in Europe and 11% growth in Asia more than offset by a 16% decline in North America.

The firm said its North America division was hurt by previously disclosed operational challenges and a subdued components market.

TT revised its adjusted operating profit expectations for 2024 to be in the lower end of its previously guided range of GB37 million and GBP42 million. This would be down from GBP52.8 million in 2023.

The firm said its leverage guidance remains unchanged, expecting it to be around or at the top end of its previously stated 1-2x range.

Separately, on Friday Volex announced its half-year results, revealing improved profit and revenue figures.

In the six months that ended September 29, revenue jumped 30% to USD518.2 million from USD397.5 million a year before, driven by notable sales improvements across its Electric Vehicles and Consumer Electrics divisions.

Pretax profit rose by 21% to USD26.5 million from USD22.0 million, with Volex identifying agile resource management and cost control as contributors to its profitability.

The firm said its positive trading was supported by strong procurement practices and a continuous improvement programme across all sites.

Volex lifted its interim dividend by 7.1% to 1.5p from 1.4p.

Volex said it expects to meet its full-year expectations for financial 2025.

Executive Chair Nat Rothschild said: "The strong performance during the period demonstrates once again that our strategy is working.

"Our unique capabilities, combined with a commitment to service and quality, ensure we meet the highest standards across all projects.

"The progress we have made in the first-half, combined with our ongoing growth investment, gives us confidence in our ability to meet full year expectations."

[master rsi] 15/11/2024 09:59

Big energy firms pledge USD500 million for sustainable energy access.

(Alliance News) - Big energy companies TotalEnergies SE, BP PLC, Equinor ASA, and Shell PLC have jointly pledged to invest in initiatives aligned with the United Nations Sustainable Development Goal 7.

The project focuses on ensuring access to affordable, reliable, sustainable, and modern energy for all.

The four energy titans are activating a new initiative to drive high-impact local projects that will help achieve the initiative's goals by 2030.

With a combined USD500 million in committed capital, the investment will focus on promising projects, primarily in Sub-Saharan Africa, South Asia, and South-East Asia, designed to provide underserved communities with access to electricity and improved cooking solutions, TotalEnergies said in a statement.

The funding will target a wide range of solutions, including solar home systems, mini/metro grids, clean cooking technologies, and enabling innovations like e-mobility, energy storage, and management systems.

This initiative not only aims to support the UN project but also has the potential to deliver co-benefits such as job creation and better health outcomes in the regions served.

Shell shares were up 0.9% at 2,554.50 pence each on Friday morning in London, BP shares rose 0.8% to 382.37p each and TotalEnergies shares were 0.5% higher at EUR57.45 each in Paris.

[master rsi] 15/11/2024 09:33

MARKET REPORT
LONDON MARKET OPEN: Stocks mixed ahead of US trade and industry data

(Alliance News) - Stock prices in London were mostly lower on Friday morning, following the release of GDP, industrial production and other data earlier that morning.

UK gross domestic product is estimated to have increased in the latest quarter but edged down for September, data from the Office for National Statistics showed. The trade deficit widened on-month to GBP3.46 billion.

Industrial production decreased monthly and annually for September, the ONS also said, missing the market consensus estimates. However construction output is estimated to have risen in the third quarter thanks to a rise in new work.

Markets are likely to be receptive to Chancellor Rachel Reeves' first speech at Mansion House yesterday, according to analysts.

"Today, we begin to see the real vision behind Reeve's plans, commented Wealth Club's Jonathan Moyes. "Reforming the nation's pension schemes represents a substantial opportunity for the country. By taking a leaf out of the Canadian pension book, Reeves' may just provide the spark the UK economy needs to crowd in investment into key infrastructure projects, the energy transition and scale up enterprises."

Moyes added: "Investors in startups could be the real winners from today's announcement. It is no secret that the UK venture capital industry punches well above its weight internationally, but there remains a real need for large institutional investors...Super-sized UK pension funds could be just the tonic. In turn, this would be highly attractive for startup investors and draw in additional startup capital. The Reeves' Reforms, and the Pensions Investment Review in particular, could be transformational for the UK economy."

The FTSE 100 index opened down 12.56 points, 0.2%, at 8,058.63. The FTSE 250 was down 40.19 points, 0.2%, at 20,482.62, and the AIM All-Share was up 0.11 points at 729.49.

The Cboe UK 100 was down 0.2% at 810.34, the Cboe UK 250 was up 0.1% at 17958.74, and the Cboe Small Companies was up slightly at 15,740.67.

Land Securities led the FTSE 100, up 2.0%.

The real estate investor lifted its first-half dividend to 18.6 pence, and said it swung to a GBP243 million pretax profit from a GBP193 million loss. It also increased the full-year outlook for EPRA earnings per share.

Worldwide Healthcare Trust was among the FTSE 250 losers, down 1.9%.

The investor's NAV total return outperformed its benchmark, but it kept the dividend unchanged at 0.7p. More positively, it said it believes the fundamentals of healthcare remain strong, and that its portfolio manager is positive about the outlook for the sector.

In smaller caps, Volex lost 11%.

The manufacturing company reported strong half-year results, with revenue increasing 30% and pretax profit up 21%, and increased its interim dividend by 7.1% to 1.5p.

However, it also reported that TT Electronics has rejected two takeover approaches. The second valued each TT shares at 135.5p.

TT Electronics, by contrast, surged 35%.

In European equities on Friday, the CAC 40 in Paris was down 0.7%, while the DAX 40 in Frankfurt was down 0.5%.

The pound was quoted lower at USD1.2663 early on Friday in London, compared to USD1.2713 at the equities close on Thursday. The euro stood at USD1.0568, down against USD1.0576. Against the yen, the dollar was trading lower at JPY155.46 compared to JPY155.81.

In Asia on Friday, the Nikkei 225 index in Tokyo was up 0.3%. In China, the Shanghai Composite was down 1.1%, while the Hang Seng index in Hong Kong was marginally lower. The S&P/ASX 200 in Sydney closed up 0.7%.

"Asian markets were mixed overnight, with investors remaining skittish over the potential tariffs from the US which could well be coming their way," said interactive investor's Richard Hunter. "This adds to the already uncertain state of the Chinese economy...The latest economic releases did little to improve the cause. Although retail sales increased by a better than expected 4.8% in October, industrial output and property numbers underlined the scale of the challenges which remain.

"Japan was slightly more positive, with economy growing by 0.9% in the latest quarter, despite an interest rate hike in the period, suggesting that the economy can withstand further rate rises which are likely to arrive in the coming quarters."

In the US on Thursday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.5%, the S&P 500 down 0.6% and the Nasdaq Composite down 0.6%.

Brent oil was quoted at USD71.60 a barrel early in London on Friday, down from USD72.43 late Thursday.

Gold was quoted lower at USD2,568.21 an ounce against USD2,576.68.

Still to come on Friday's economic calendar, releases include US export and import prices; retail sales and industrial production; and the New York empire state manufacturing index.