[MARKET ANALYSIS] Asia-Pac stocks pulled back after the recent rallies and as participants pared risk heading into the weekend

APAC Stocks: Negative

• Asia-Pac stocks are mostly lower as markets lose steam following the recent rallies and with participants paring risk heading into the weekend, despite the Israel-Lebanon ceasefire taking effect and optimism by US President Trump regarding a deal between the US and Iran, which he said could resume talks over the weekend.

ASX 200: -0.3%

• Index is subdued with weakness seen in gold miners, financials and the consumer sectors, although the downside is limited amid a lack of fresh catalysts and a quiet data calendar.

Nikkei 225: -0.9%

• Pulled back from its all-time record highs and just about returned to beneath the 59,000 level, with underperformance seen in some miners, manufacturers and semiconductor names.

Hang Seng & Shanghai Comp: Hang Seng -1.3% / Shanghai Comp -0.3%

• Chinese markets conform to the uninspired mood with the Hong Kong benchmark dragged lower by tech weakness, while participants also digest some earnings releases, including from Kweichow Moutai, which reported a 5% drop in FY25 profit.

US Equity Futures: Rangebound

• Took a breather overnight after Wall St extended on record levels yesterday.

European Equity Futures -0.2%

• Indicate a lower cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with losses of 0.1% on Thursday.