This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets were lower on Friday as Japan released revised second quarter gross domestic product figures. Hong Kong cancelled trade for the whole day due to a storm warning.

Japan's Nikkei 225 extended losses from Thursday and fell 1.16%, closing at 32,606.84 to erase its past week's gains. The Topix was down 1.02% and finished at 2,359.02.

Japan's economy grew 4.8% in the second quarter on a quarter-on-quarter annualized basis, a smaller growth than the 6% seen in the preliminary estimates and lower than the 5.5% expected in a Reuters poll.

Hong Kong's exchange cancelled trading on Friday after a "black rainstorm" warning as the Asian financial hub saw its heaviest rainfall in 140 years. Under Hong Kong Exchange guidelines, if the black rainstorm signal is not lifted after 12 p.m., there will be no trading for the day.

Mainland Chinese markets were in negative territory, with the CSI 300 down 0.49% and ending the day at 3,739.99.

In Australia, the S&P/ASX 200 ended down 0.2% at 7,156.7 and notched its fourth straight day of losses.

South Korea's Kospi slid 0.02% and closed at 2,547.68, while the Kosdaq bucked the wider trend and gained 0.86% to end at 914.18.

Overnight in the U.S., the Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve's interest rate policy path, and whether policymakers will enact another hike this year.

The tech-heavy index sold off 0.89%, while the S&P 500 slipped 0.32%. The Dow Jones Industrial Average added 0.17%.

— CNBC's Samantha Subin and Brian Evans contributed to this report.

Correction: This story has been updated to reflect that Japan's economy expanded 4.8% in the second quarter on a quarter-on-quarter annualized basis, and that the Nikkei extended Thursday's losses.

China's offshore yuan hits all-time low against U.S. dollar

The offshore yuan weakened to its lowest level against the U.S. dollar since its inception in 2010, crossing the 7.35 level early this morning to trade at 7.3599 yuan per dollar.

The Chinese currency later pared its losses slightly, trading at 7.513 yuan against the greenback.

China's onshore yuan, which is traded on the mainland, was also at a 16-year high, trading at 7.3417 against the dollar.

— Lim Hui Jie

CNBC Pro: ‘A comeback in the making’: UBS expects these under-the-radar European stocks to soar

UBS says that European small and mid-cap stocks are making a comeback, having outperformed large-cap companies this summer.

UBS' analysts explain why, and name their top stocks for the rest of the year.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Philippines trade deficit grows in July, imports and exports fall

The Philippine trade deficit increased to $4.2 billion in July, a climb compared to the $3.9 billion deficit seen in June.

Exports in July fell 1.2% year-on-year, a reversal from the 0.9% growth in June. Imports to the country however, plunged 15.3% year-on-year in July, a steeper fall from the 15.0% contraction the previous month.

In July, the Philippines' total external trade in goods amounted to $16.49 billion, which is 10.5% lower year-on-year.

— Lim Hui Jie

CNBC Pro: Barclays says electrification is a ‘mega theme’ and names the global stocks to buy

Analysts at Barclays have identified electrification as a "mega theme" and have named several stocks set to benefit.

"The electric grid plays a key electrification and energy transition role," the analysts wrote in a research note dated Aug. 16.

"At the center of the electrification mega theme, which encompasses EVs, renewables, energy storage, smart buildings, heat pumps, and more, is an aging electric grid that is key to ensuring a clean, reliable, affordable, and equitable energy transition."

The bank named a number of companies it said were "tied to changing grid trends and provide their end-market exposure."

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Japan economy grows less than expected in second quarter

Japan's second quarter gross domestic product expanded less then expected, with the economy growing 4.8% on a quarter-on-quarter annualized basis.

This was lower than the 6% announced in the preliminary release in August, and below the 5.5% growth expected by economists polled by Reuters.

On a quarter-on-quarter basis, second quarter GDP climbed by 1.2%, compared to the 1.5% rise seen in the preliminary basis and slightly lower than the 1.3% expected by the Reuters poll.

— Lim Hui Jie

Former Fed official Bullard says more rate hikes possible

The likelihood that inflation numbers are going to remain stubbornly high for a while could mean more interest rate increases, former St. Louis Federal Reserve President James Bullard said Thursday.

In a CNBC interview, the the current dean of the Mitchell E. Daniels Jr. School of Business at Purdue University raised the prospect of more policy tightening as core inflation is stuck around 4%.

"That's raising the risk that the Fed will have to follow through on its promise rate increase sometime in the next couple of meetings, and there's some risk that they'd have to go a little bit higher even from there," Bullard told CNBC's Steve Liesman.

Inflation numbers "have got to come down into the 3% range, and eventually the 2% range, and if that is not happening and they hang up too high, the Fed may have to do more," he said.

—Jeff Cox

Dollar on pace for 8th straight weekly gain for first time since 2015

Maybe the strong dollar is another September headwind for the stock market.

The dollar index Thursday is on pace for its fifth straight daily advance, near a six-month high, and headed for an eighth straight weekly gain — the latter for the first time since February 2015. The index measures the dollar against six leading currencies, but mostly the euro and the Japanese yen.

The onshore Chinese yuan (which isn't in the index) is at its weakest since Dec. 2007, while the euro and the British pound (in the index) are at three-month lows.

While the strong dollar helps American tourists in Paris, the problem for stocks is that it raises the cost of U.S. exports, damaging U.S. competiveness, and diminishes the value of profits earned outside the U.S. when translated back into greenbacks.

— Scott Schnipper, Gina Francolla

Technology stocks weigh down S&P 500, Nasdaq

A slew of popular technology and semiconductor stocks dropped during Thursday's session, pressuring the S&P 500's information technology sector and the Nasdaq Composite.

The information technology sector slumped 2.1% during early morning trading, dragged down by Apple, Nvidia and Advanced Micro Devices, last down more than 3% each.

Seagate Technology, Skyworks Solutions plunged 9.2% and 7.3%, respectively. Qorvo, Qualcomm and Applied Materials dropped more than 5%.

— Samantha Subin

Apple falls after report that China plans to ban iPhones in state-backed companies

Apple shares fell more than 2% after Bloomberg News reported China is planning to extend a ban on iPhone use to state-owned corporations. A day earlier, The Wall Street Journal reported the China was moving to prohibit iPhone usage in government agencies.

— Fred Imbert