By Tom Westbrook and Jiaxing Li

SINGAPORE/HONG KONG (Reuters) -Asian stock markets headed for a second straight week of gains on Friday and the dollar for its first weekly rise in more than a month as investors focused on signs the U.S. and China were prepared to pull back from their trade war.

U.S. futures were also on the rise after tech giant and Google parent Alphabet also beat profit expectations and reaffirmed AI spending targets, pushing its shares up nearly 5% in after-hours trade and pulling along peers. [.N]

European futures rose 0.6% and FTSE futures were up 0.2%.

On Wall Street overnight investors shrugged off a mixed bag of corporate results and the S&P 500 rose 2%.

The dollar, which has taken a beating through a volatile few weeks of tariff announcements, reversals and a flight out of U.S. assets found a footing around $1.1330 per euro and 143.6 Japanese yen. [FRX/]

"The peak in terms of threatened tariff rates is likely behind us," said Eli Lee, chief investment strategist at Bank of Singapore.

"In terms of the U.S.-China standoff, both sides have indicated they would not raise rates beyond current levels."

Tit-for-tat tariffs that began with U.S. President Donald Trump's announcement of hefty import levies on April 2 had threatened to stall trade between the world's two biggest economies and prompted concern about a slowdown in global growth.

This week, the U.S. shifted tone and said the situation was unsustainable, and China is considering exempting some U.S. imports from its 125% tariffs in the biggest sign yet of Beijing's concerns about the economic fallout.

UNEASY CALM

In Hong Kong, the Hang Seng rose 1% and there were small rises for mainland China's Shanghai Composite and blue chip CSI300. [.HK]

In Japan, the Nikkei was up 1.8% on Friday and has regained all its losses since Trump's announcement of the highest U.S. tariffs in 100 years - levies he largely suspended, except for China and a baseline tariff of 10%.

"There is probably a feeling from market participants that they have regained some 'control' on the U.S. government, and can somehow force a more friendly stance on key topics," said ING currency strategist Francesco Pesole in a note to clients.

"Investors will be seeking confirmation of the more optimistic stance on U.S. assets to justify further dollar gains."

The U.S. dollar index was up 0.5% for the week at 99.751.

Markets in Australia and New Zealand were closed for a public holiday. There were also plenty of warning signs that markets' surface calm may not last long.