Asian equity markets traded mostly higher on Friday, cutting the week's losses, as a positive lead from Wall Street overnight offset concerns about a further decline in oil prices. However, gains were trimmed following the release of soft economic data from the mainland.
China's industrial production rose 7.2 percent on year in November, below expectations for a 7.5 percent increase in a Reuters poll and down from October's 7.7 percent rise. Meanwhile, retail sales rose 11.7 percent on year, above expectations for an 11.5 percent rise. Fixed asset investment for the January-November period increased 15.8 percent, in line with expectations.
Wall Street overnight
U.S. stocks advanced on Thursday, cutting weekly losses, but euphoria over increased retail sales in November faded after crude dropped below $60 a barrel. The pullback escalated amid efforts to block a spending bill in the House, sparking worries of a government shutdown.
Oil prices remain in focus after U.S. crude fell below $60 a barrel on Thursday, the first time in five years that it breached the psychologically-important support level, as oil markets extended this week's losses on oversupply concerns.