The Tesla Cybertruck. 
Chinese stocks opened lower, sending a benchmark of mainland shares to near its lowest for the year. Those in Australia and South Korea also fell, weighing on a gauge of Asian shares. Japanese benchmarks edged higher.
US futures were also slightly lower after the S&P 500 climbed 0.4% Thursday, rising nearly 9% for the month.
China’s Caixin manufacturing PMI data beat estimates to suggest an expansion in activity, easing concerns after data Thursday showed the recovery losing momentum. Korean exports — seen a bellwether for global trade due to its early release — rose more than expected in November.
The 9.1% November gain for the MSCI All Country World Index was the third largest monthly gain in the past decade. The equity rally was helped along by speculation the Federal Reserve’s rate-hike cycle has peaked, an idea hinted at by central bank officials through the week.
“Almost everyone was offsides coming into November,” said Ryan Detrick, chief market strategist at Carson Group. “So there’s still a big opportunity for traders to chase gains in December, too.”
Those signals presage comments from Fed Chair Jerome Powell, who will speak later on Friday, in a discussion that may offer more clues.
“It is still too early to eliminate the tightening bias in the Fed’s forward guidance,” said Brian Rose, senior US economist at UBS Global Wealth Management. “Fed chair Jerome Powell will make a public appearance on Friday, and we expect him to be careful to avoid sounding too dovish.”
Data has also helped. The US core personal consumption expenditures price index, the Fed’s preferred gauge of underlying inflation, fell, indicating easing price pressures in line with economists’ estimates. That followed evidence from the labour market and consumer spending indicating growth is gradually slowing.
“We’ve seen continuous evidence that inflation is in fact falling quickly — it’s kind of collapsing right now,” said Scott Ladner, chief investment officer for Horizon Investments, speaking on Bloomberg Television. “I think the Fed will continue to be on hold in December.”
November gains
Treasuries were steady Friday after slipping on Thursday, adding seven basis points to the 10-year yield. That did little to pull back November gains for bonds — both government and corporate — after a jump in the past few weeks. Australian and New Zealand bond yields gained in Asia.
The dollar edged lower on Friday, snapping two days of gains and following its worst month in a year. The Korean won also fell, while the yen strengthened against the greenback. However, prolonged weakness in the Japanese currency was a driver of life insurers cutting currency hedging by the most in more than a decade.
Gold rose after a decline in the prior session. Bitcoin was little changed at around $37,600. Crude prices fell even as the OPEC+ group of petroleum producing nations agreed to a supply cutback of about 900,000 barrels a day, in a sign traders are sceptical it will be implemented.
Corporate highlights include Tesla Inc. launching its Cybertruck model after two years of delays. Dell Technologies Inc, meanwhile, reported revenue that declined more than expected, buffeted by continued sluggish corporate demand for personal computers.