Asian stocks ended mixed on Friday after Beijing's strategic commitment to deepen tech investment. After announcing a conservative 2026 GDP growth target at 4.5-5 percent, China pledged substantial investment in high-tech sectors, benefiting artificial intelligence, chipmakers, and biotech firms.
Regional sentiment, however, was cautious as the Middle East war unleashed by U.S.-Israeli attacks on Iran swelled outwards to Cyprus, Sri Lanka, Turkey and Azerbaijan, raising concerns about the outlook for trade, prices and investment.
The dollar was set for its steepest weekly gain in a year as the Iran war unleashed a fresh wave of uncertainty which markets typically dislike.
Gold edged up in Asian trade but was on track for the first weekly decline in more than a month, pressured by a stronger U.S dollar and fading rate-cut prospects.
Oil prices were slightly lower after the U.S. cleared the way for India to temporarily increase its purchases of Russian oil in a bid to stabilize global energy supplies.
That said, crude oil prices were on track for a 16 percent weekly gain due to severe disruption in tanker traffic through the Strait of Hormuz.
China's Shanghai Composite index rose 0.38 percent 4,124.19 after reports emerged that the government has ordered a suspension of new fuel export contracts as part of efforts to domestic supply and demand amid heightened inflation risks and market volatility.
The Chinese government also announced a GDP growth target of 4.5-5 percent for 2026 in anticipation of greater global uncertainty.