Asia-Pacific markets set for positive open after Wall Street posts weekly loss

Trouble is brewing at HSBC — the largest bank in Europe is facing renewed pressure from its biggest shareholder, Chinese insurer Ping An, to restructure its business.

But Morgan Stanley is sticking to its bullish stance on the U.K.-based bank, calling HSBC its “top pick” in the sector.

Pro subscribers can read more here.

— Zavier Ong

Economic activity was stronger than expected in April, according to flash readings on services and manufacturing released Friday.

The S&P Global flash services index came in at 53.7, better than the Dow Jones estimate for 52. The manufacturing index registered a 50.4 reading, better than the expectation for 49. A reading of 50 is the dividing line between expansion and contraction in the purchase manager indexes.

Together, the S&P U.S. PMI Composite Output Index was at 53.5, an 11-month high. The services index was a 12-month high and the manufacturing number was the best in six months.

— Jeff Cox

Bitcoin hit a low of 27,833.50 on Friday, the lowest level since April 9 when it traded as low as 27,823.77.

The cryptocurrency is also on pace for the worst week since March 10, when it dropped 10.48%.

Meanwhile, Ether reached a low 1.902.31, lowest level since April 13 and is also on track for its worst week since March 10.

—Michelle Fox, Gina Francolla