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provided a meek lead, with the Dow ending lower after flirting with a record high as investors appeared to take in their stride looming deep US budget cuts due to take effect later in the day.

Tokyo stocks closed 0,41 percent, or 47,02 points, higher at 11 606,38, as a weak yen helped the market recoup early losses sparked by profit-taking, and after the naming of a new Bank of Japan chief known to favour aggressive monetary easing.

Sydney slid 0,35 percent, or 17,98 points, to end the week at 5 086,1, while Hong Kong fell 0,61 percent, or 140,05 points, to 22 880,22 and Shanghai was 0,26 percent lower, shedding 6,08 points to 2 359,51.

Seoul was closed for a holiday.
China’s official Purchasing Managers’ Index showed activity in the crucial manufacturing sector eased to 50,1 last month from 50,4 in January, suggesting a recent pick-up in the world’s number two economy is weaker than initially thought. A reading above 50 indicates growth.

British bank HSBC said later Friday that its final PMI for February came in at 50,4, a four-month low but also the fourth consecutive month of expansion after 12 months of contraction.

Zhang Liqun, a government analyst, said the figures showed a rebound in the economy was likely to lose steam, adding: “The February PMI extended a trend seen in January to decline modestly, indicating a rebound in economic growth will come to a stabilising point.”

A volatile week for currency markets has seen the dollar and euro surge against the yen before tumbling in reaction to Italian elections that renewed concerns about the eurozone.

In early European trade on Friday, the dollar bought 92,89 yen, compared with 92,58 yen in New York on Thursday afternoon. The euro fetched 121,11 yen and US$1,3038 compared with 120,95 yen and US$1,3062.
Gold was at US$1 571,29 at 1030 GMT compared with US$1 591 on Thursday. — AFP.