Asian shares dived on Friday as investor euphoria over tech stocks gave way to inflation fears that saw Treasury yields spike to one-year highs and rising bets on a U.S. rate hike this year.

European stocks are bracing for a much weaker open, with pan-region stock futures down 1%. The Nasdaq futures fell 0.6% while the S&P 500 futures slipped 0.4% after Wall Street vaulted to new heights on a 4% surge in AI darling Nvidia.

Oil prices kept climbing amid the lack of progress to open the Strait of Hormuz, and as U.S. President Donald Trump said China wanted to buy U.S. oil. Attacks on one ship and the seizure of another stoked concerns about energy supplies, with Brent crude futures up 5.7% this week to $107 a barrel.

All eyes are on Beijing where Trump is set to wrap up his two-day state visit on Friday. Having met his Chinese counterpart Xi Jinping at the secluded Zhongnanhai leadership compound, Trump said Beijing felt very similar on Iran and wanted the Strait of Hormuz to open.