Wall Street was closed for the Thanksgiving break, meaning investors were given few catalysts to drive buying, while oil was in focus after OPEC's decision to delay a key meeting sent prices sliding.
Equities have rallied in recent weeks on optimism the Federal Reserve will not hike interest rates again in this cycle as inflation heads south and the economy shows signs of easing without causing recession worries.
And while minutes from the bank's most recent policy meeting echoed warnings from decision-makers that borrowing costs will likely stay elevated for some time, there is hope that they will cut in 2024.
With traders taking a breather, most Asian markets were mixed on Friday.
Hong Kong led the losses, having risen over the week, while Shanghai, Seoul, Singapore, Taipei, Jakarta and Bangkok were also down.
Tokyo jumped as dealers caught up with Thursday's Asian advance, while the yen rose against the dollar as Japanese inflation jumped again, adding to bets the central bank will shift from its ultra-loose monetary policy.
Manila and Wellington edged higher. Jakarta and Mumbai were flat.
London, Frankfurt and Paris opened in the red.
Investors are keeping tabs on China after authorities called on banks to provide help to the beleaguered property sector, which makes up a huge part of the world's number-two economy.
The rubber-stamp parliament on Wednesday released a report calling for lenders to do more for the industry, with the head of the People's Bank of China saying they should step up help to enact the "guaranteed delivery of buildings".
Bloomberg later reported that they were also weighing a plan that would allow banks to offer developers unsecured loans for the first time.
That came after a report saying a draft list of firms eligible for bank support had been drawn up.
The moves suggest the government is lasering in on a debt crisis that threatens to take down some of the country's biggest property firms, including Evergrande and Country Garden, and hammer the economy.
"The property developer debt issue will be solved sooner or later," Jian Shi Cortesi, of GAM Investment Management, said.
"If this measure (on unsecured loans) is not enough, we will see more support next year."
May Zhao, at Zhongtai Financial International, was also hopeful that Beijing was moving towards addressing the crisis, saying the latest moves "would be powerful to break the vicious cycle of widespread defaults and avoid the spread of systemic risks".
Oil prices were mixed after a two-day fall that came in the wake of OPEC's decision to put back a crucial meeting by four days owing to a row over output quotas.
Saudi Arabia and Russia earlier this year announced cuts of a million barrels a day through to 2024 to support prices, and there had been expectations Riyadh was planning to extend that or even cut further.
However, African countries are said to be pushing back, causing the standoff.
The reductions have come as prices continue to drop -- down about 16 percent from a September high -- owing to increased non-OPEC supplies, a pick-up in US inventories and easing worries about the Israel-Hamas war.
"In light of the recent surge in US and non-OPEC production, this is likely ruffling a few feathers as many of the smaller OPEC members likely want to increase quotas," said Stephen Innes, of SPI Asset Management.
- Key figures around 0810 GMT -
Tokyo - Nikkei 225: UP 0.5 percent at 33,625.53 (close)
Hong Kong - Hang Seng Index: DOWN 2.0 percent at 17,559.42 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,040.97 (close)
London - FTSE 100: DOWN 0.2 percent at 7,470.74
West Texas Intermediate: DOWN 0.8 percent at $76.49 per barrel
Brent North Sea crude: UP 0.1 percent at $81.34 per barrel
Dollar/yen: DOWN at 149.44 yen from 149.62 yen on Thursday
Euro/dollar: UP at $1.0907 from $1.0905
Pound/dollar: UP at $1.2533 from $1.2531
Euro/pound: UP at 87.05 pence from 87.03 pence
New York - DOW: Closed for a holiday
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