Core consumer inflation in Japan's capital Tokyo, considered a leading indicator of nationwide trends, unexpectedly accelerated in October, a sign of broadening price pressures that may keep alive expectations of near-term end to ultra-low interest rates.

Profits at China's industrial firms extended gains for a second month in September, adding to signs of a stabilising economy as the authorities launched a burst of supportive policy measures.

The Bureau of Economic Analysis (BEA) is forecasting a 4.2% annual growth rate for the US Gross Domestic Product (GDP) in Q3, marking an increase from the 2.1% recorded in Q2. This projection, due for release today at 12:30 GMT, comes amidst a downward trend for the US Dollar, fueled by speculation that the Federal Reserve will not implement further rate hikes.

The U.S. economy grew almost 5% in the third quarter, again defying dire warnings of a recession, as higher wages from a tight labor market helped to fuel consumer spending and businesses restocked at a brisk clip to meet the strong demand.

U.S. Treasury Secretary Janet Yellen on Thursday said U.S. third quarter economic growth of nearly 5% was a good sign that the economy was headed for a soft landing, but could help keep longer-dated bond yields elevated.

Asian shares tracked Wall Street futures higher on Friday as Amazon (NASDAQ:AMZN) provided some welcome earnings relief, while bonds were able to sustain a rally amid signs U.S. inflation was easing.