May 31 (Reuters) - A look at the day ahead in Asian

markets.

An Asian economic calendar on Friday overflowing with top-tier

indicators awaits investors, who look set to close out the week

and the month on a downbeat note as worries grow over the

strength of the U.S. and global economies.

Investors often cheer 'bad news' on the U.S. economy by

bidding up risk assets on the view that the Fed will be forced

to ease policy. Equally, 'good news' often drags stocks and

bonds lower because rates may have to stay higher for longer.

Investors' reaction to revised U.S. GDP figures on Thursday

followed neither play book - bad news was bad news. Slower GDP

growth in Q1 pushed stocks, the dollar and bond yields lower,

and relatively dovish comments from New York Fed president John

Williams failed to provide much comfort.

The MSCI World, MSCI Asia ex-Japan, MSCI emerging market and

Japan's Nikkei 225 indexes are all poised for their second

weekly loss in a row. Rising bond yields, and now U.S. growth

concerns, are taking their toll.

And could the U.S. tech fairy tale be starting to fade too?

Financial conditions certainly seem to be biting. According

to Goldman Sachs, emerging market, Chinese and global financial

conditions are the tightest in a month. Little wonder, perhaps,

that investors are taking some chips off the table as the month

end approaches.

It may be month-end on Friday, but there will be no rest for

Asian markets. Not if the economic calendar is anything to go

by.

China's official purchasing managers' index reports for May, a

raft of top-tier indicators from Japan including retail sales,

industrial production and Tokyo inflation, and first quarter GDP

from India and Taiwan are all on tap.

China's PMIs are expected to show that manufacturing

activity in May grew at a similar pace to the previous month

when it barely managed to stay expansionary, reinforcing the

fragile nature of the recovery in the world's No.2 economy.

China's economy blew past expectations to post growth of

5.3% in the first quarter, and a string of April indicators

including factory output, trade and consumer prices suggest it

has successfully navigated some near-term downside risks.

But the crisis-hit property sector remains a major drag,

deflationary pressures persist, and capital is just as liable to

be flowing out of the country than in.

Core inflation in Japan's capital, meanwhile, is expected to

have picked up in May to 1.9% from a two-year low of 1.6% in

April, and India's economy likely grew at a 6.5% rate in the

January-March quarter - its slowest pace in a year - due to weak

demand.

Here are key developments that could provide more direction

to markets on Friday:

- China official PMIs (May)

- Tokyo inflation (May)

- India GDP (Q1)