Australian stocks retreated from Tuesday's four-and-a-half-year high after Chinese manufacturing data revealed the nation's economic recovery may not be on solid footing while the Nikkei 225 extended losses as the yen strengthened.
Confidence returned to Asia's equity markets on Monday, helped by a brighter jobs picture in the U.S and rising commodity prices as demand expectations pick up.
U.S. stock index futures climbed Thursday as Wall Street cheered a better-than-expected jobless claims report and after the European Central Bank cut its key interest rate.
European shares were flat on Friday as talks over the "fiscal cliff" stalled.