According to Bloomberg, Asian equities experienced early declines on Friday as markets adjusted their expectations regarding the pace of US interest-rate cuts. The market's focus has shifted from debating whether the Federal Reserve will cut rates to how much and how many times they will cut before the end of the year.

In Asia, currency traders are preparing for potential movements in the yen, influenced by Japanese inflation data. Other significant data releases in the region include Taiwan's industrial output and Singapore's inflation figures. Investors are also digesting a series of remarks from US policymakers. The President of the Federal Reserve Bank of Kansas City indicated that while the Fed is expected to ease in September, there is no current indication of a desire to cut rates by 50 basis points.

On the economic front, recent figures present a mixed picture. Jobless claims data suggest that the labor market is cooling gradually rather than experiencing a rapid slowdown amid elevated interest rates. US manufacturing activity has contracted at the fastest rate this year, and existing-home sales have also declined. US stocks saw declines on Thursday, with notable drops including a 3.7% decrease in a major index.

In the commodities market, West Texas Intermediate crude oil rose by 1.5% on Thursday, reaching around $73 per barrel. Gold remained steady early Friday following a decline on Thursday.