Headline U.S. producer prices increased at a hotter-than-anticipated pace in January, in the latest sign of lingering inflationary pressures that are likely to dent bets for possible Federal Reserve interest rate cuts this year.

The number of Americans filing new applications for unemployment benefits decreased last week, suggesting the labor market remained stable early in February.

Singapore's economy grew faster than expected into the end of 2024, data showed on Friday, but the government maintained its forecast for slower growth this year and warned of some risks from global trade frictions.

Malaysia's economy grew faster than expected in the fourth quarter of 2024 amid strong domestic demand and a recovery in exports, the central bank said on Friday, as it expects investment activities and household spending to drive growth this year.  

Most Asian stocks moved in a flat-to-low range on Friday amid growing concerns over increased U.S. trade tariffs and sticky inflation, while an artificial intelligence-fueled rally in Chinese stocks powered on.

Regional markets took limited cues from a strong overnight close on Wall Street, as investors were relieved by U.S. President Donald Trump not immediately imposing reciprocal tariffs, as he had earlier threatened. 

But U.S. stock index futures were flat in Asian trade, given that Trump still signed an order outlining plans to impose higher duties on major U.S. trading partners. Hotter-than-expected producer inflation data also added to angst over higher for longer interest rates, following a strong consumer inflation reading earlier this week. 

The federal government posted a $129 billion budget deficit for January, up sharply from an unusually low $22 billion deficit in January 2024 due to benefit payment calendar shifts and higher outlays for Social Security, Medicare, interest and other costs, the U.S. Treasury said on Wednesday.