Asia markets on Friday are expected to focus on the overnight slide on Wall Street and the softer dollar after Senate Republicans unveiled their tax reform plan.

Senate Republicans released their tax plan, which contained several differences from a bill introduced by the House, on Thursday. While the bill also called for the corporate tax rate to be cut to 20 percent from 35 percent, that change would likely only come into effect in 2019, a source told CNBC.

U.S. stocks closed lower on Thursday as markets digested news of a possible delay in corporate tax cuts. The Dow Jones industrial average slid 0.43 percent, or 101.42 points, to close at 23,461.94, the S&P 500 closed down 0.38 percent to end at 2,584.62 and the Nasdaq composite lost 0.58 percent to finish the session at 6,750.05.

The dollar also fell against a basket of currencies in response. The dollar index stood at 94.523 at 6:44 a.m. HK/SIN. Against the yen, the greenback last traded at 113.43. The U.S. currency had traded around 114 during Asian trade on Thursday before sliding to the 113.5 handle when Japanese equities took a tumble in afternoon Asian trade.

Gold prices rose to their highest levels in around three weeks on the softer dollar. The yellow metal stood at $1,284.61 per ounce on Thursday.

In Asia, Japanese equities looked set to extend last session’s losses at the open on Friday. Nikkei futures traded in Chicago were down 0.85 percent at 22,675 and Osaka futures fell 1.26 percent to 22,580. The benchmark index had risen around 2 percent during Thursday morning trade before sharply falling in the second half of the day.

Down Under, the S&P/ASX 200 was off 0.34 percent in early trade.

Asian corporates on the earnings calendar on Friday include Japan’s NTT and Taiwan’s Asustek Computer.

Indonesia’s Bank Danamon said its majority shareholder, Asia Financial (Indonesia), confirmed that it had received an “expression of interest” on its shares in the bank. That came after news that Bank of Tokyo- Mitsubishi UFJ Financial Group intended to buy a 40 percent stake in Bank Danamon, according to a Thursday report from Nikkei. MUFG is looking to buy Bank Danamon shares via Temasek Holdings, Reuters said.

Chinese search engine Sogou made its debut on the New York Stock Exchange on Thursday. Tencent-backed Sogou saw its shares rise by more than 10 percent during the session before closing up 3.85 percent on its first day of trade.

Oil prices advanced close to 1 percent in the last session as investors digested geopolitical developments in Saudi Arabia. The country’s foreign minister on Thursday called for sanctions to be imposed on Iran for its support of terrorism.

Oil prices were also supported by planned cuts in crude exports from Saudi Arabia in December, Reuters reported. Brent crude gained 0.7 percent to settle at $63.93 a barrel and U.S. crude futures tacked on 0.8 percent to settle at $57.27.

Here’s the economic calendar for Friday (all times in HK/SIN):

• 8:30 a.m.: Reserve Bank of Australia Statement on Monetary Policy
• 9:00 a.m.: Philippines balance of trade
• 1:00 p.m.: Singapore September retail sales
• 5:00 p.m.: Indonesia third-quarter current account