Asian stocks ended mixed on Friday despite U.S. President Donald Trump announcing a trade deal with China on rare earths and hinting at a major upcoming deal with India.

The ceasefire between Iran and Israel continued to hold and weak U.S. data fueled rate cut hopes, helping limit regional losses.

Gold dipped over 1 percent below $3,300 per ounce and the dollar index hovered near its lowest level since March 2022 ahead of the U.S. May Personal Consumption Expenditures (PCE) Price Index data due later in the session.

Oil was on track for its worst weekly loss since March as supply concerns eased.

China's Shanghai Composite index fell 0.70 percent to 3,424.23 as new data showed China's industrial profits fell 9.1 percent year on year in the first five months of the year in the face of deepening deflationary pressures and a persistent property crisis.

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