BofA Global Research on Thursday cut China's economic growth forecast for this year to 5.1% on a disappointing second-quarter gross domestic product (GDP) growth and potential delay in forceful policy response.

China's frail growth could weigh on companies with exposure to the world's second-largest economy, including Apple (NASDAQ:AAPL), big chipmakers and luxury retailers as they report quarterly results in the next few weeks.

An index designed to track turns in U.S. business cycles fell for the 15th straight month in June, dragged down by a weakening consumer outlook and increased unemployment claims, marking the longest streak of decreases since the lead-up to the 2007-2009 recession.

The dollar was steady on Friday as data pointed to U.S. labour market resilience that could lead the Federal Reserve to keep interest rates higher for longer, while the yen strengthened after Japan's core consumer inflation re-accelerated in June.

Asian shares fell on Friday after Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX) weighed on U.S. tech shares after their earnings reports, while the dollar and Treasury yields held their gains ahead of an action-packed week that could see the end of the U.S. tightening cycle.

Chinese authorities announced a raft of measures on Friday to help boost sales of automobiles and electronics, and warned local governments from rolling out policies that would fuel vicious competition, as they seek to shore up a slowing economy.