Asian stock markets trod water on Friday, with solid economic data from the United States providing support, but traders taking a wait-and-see attitude to Europe's stabilisation efforts.
Tokyo's Nikkei was flat, ending the session down just 7.46 points at 10,303.83 as it maintained its year-end buoyancy -- the index has gained around 12 percent since November 1.
Sydney's S&P/ASX 200 ended the session down 0.44 percent, or 20.9 points, at 4,763.1, while Shanghai's Composite Index fell 0.15 percent, or 4.40 points, to 2,893.74.
However Hong Kong was up 0.20 percent, or 46.07 points, at 22,714.85 by the close.
Many smaller markets also ended the week with gains, with Seoul defying tensions on the Korean peninsula and Taipei touching a 31-month high at one point in the session as capital rolls into the tech-led economy.
Traders appeared relatively relaxed about the eurozone's problems.
"Equity markets appear less sensitive to European sovereign debt problems," Jamie Spiteri, head of trading at Shaw Stockbroking in Sydney, told Dow Jones Newswires. "Money is flowing into Australian equities before year-end and I see ongoing upside potential into the new year."
Chinese shares remained constrained by worries about the likelihood of further measures to cool the mainland economy in the face of surging inflation.
On currency markets the euro rose to 1.3292 dollars from 1.3242 in New York late Thursday, and to 111.57 yen from 111.12 yen.
The dollar was almost flat at 83.93 yen from 83.92, after rising in New York.
On Wall Street, the Dow Jones Industrial Average rose 0.36 percent, while the broader S&P 500 rose 0.62 percent and the tech-rich Nasdaq advanced 0.77 percent.
Oil was higher amid expectations that crude demand will stay strong into next year.
New York's main contract, light sweet crude for January delivery, gained 52 cents to 88.22 dollars a barrel. Brent North Sea crude for February advanced 34 cents to 91.94 dollars a barrel. The January contract, which expired Thursday, settled at 91.71 dollars.
Gold closed at 1,375.00-1,376.00 US dollars an ounce in Hong Kong, down from Thursday's close of 1,384.00-1,385.00.
Manila rose 0.44 percent, or 17.93 points, to 4,057.33 after sharp declines the previous two sessions.
Philippine Long Distance Telephone climbed 2.23 percent to 2,476 pesos, while conglomerate San Miguel Corp. rose 3.47 percent to 140 pesos.
Seoul edged up 0.85 percent, or 17.06 points, to 2,026.30, supported by gains in financial and brokerage stocks. Singapore rose 0.17 percent, 5.34 points, to 3,153.01 points.
Kuala Lumpur went up 0.16 percent, or 2.36 points, to 1,499.88. Bangkok edged down 0.69 percent or 7.14 points to 1,022.46. Mumbai was closed for a public holiday.