Asian stocks are expected to face uncertainty on Friday following a decline in US shares due to concerns about a potential trade war outweighing positive economic growth data. Australian shares slightly dropped, while Japanese equity futures remained stable and Hong Kong futures went up. US stock futures fluctuated in early Asian trading following declines in the S&P 500 and Nasdaq 100, particularly affecting automakers. Major companies like Apple Inc. saw gains, while Nvidia Corp. faced losses. Lululemon Athletica Inc. provided a pessimistic outlook. Gold reached a new high.

Investors were cautious ahead of President Trump's looming announcement about reciprocal tariffs scheduled for April 2, subsequent to the imposition of a 25% tariff on all imported automobiles. The upcoming unveiling of the US personal consumption expenditures price index (PCE) on Friday is awaited as another benchmark for assessing economic conditions following the fourth-quarter growth data release.

Asian markets were influenced by a Chinese leader's call for enhanced global collaboration aimed at countering trade disruptions caused by the US. In response to external challenges, policymakers have prioritized bolstering domestic demand. Trade officials from South Korea and Japan are planning to hold discussions with Chinese counterparts in Seoul to explore measures to address rising trade pressures from the US.

In Australia, national elections on May 3 will kick off a closely contested campaign focusing on cost-of-living concerns and a housing crisis in a sluggish economy.