Asian shares hang on to gains, commodities battered

Asian shares edged higher on Friday, while the dollar took a breather after stepping back from seven-month highs as investors grappled with the prospects of higher U.S. borrowing costs and slower global economic growth.

Commodity prices were pressured, with copper near 6-1/2-year lows and a major sea freight index hitting its lowest level on record, underscoring worries over slackening world demand.

European shares are seen slipping slightly a day after the Pan-European stock index.FTEU3 hit a three month high, with spreadbetters expecting Germany's DAX .GDAX to fall 0.3 percent and France's CAC 40 .FCHI 0.2 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, extending this week's gains to 2.0 percent while Japan's Nikkei .N225 edged up 0.1 percent, posting its fifth consecutive week of gains.

Mainland Chinese shares also held firm, with Shanghai composite .SSEC up 0.2 percent to stay near a three-month high struck on Tuesday.