Asian Shares Mixed As Tariff Worries Keep Investors On Edge

(RTTNews) - Asian stocks gave up early gains to end mixed on Friday as tariff-related worries offset encouraging tech earnings and positive U.S. economic data.

The dollar index pulled back slightly after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to counter rising growth and job market risks.

Gold edged up slightly on dollar weakness while oil held a gain on brewing Middle East tensions and data signaling strong U.S. demand.

China's Shanghai Composite index rose half a percent to 3,534.48 amid expectations the government may roll out more stimulus to boost domestic demand.

Meanwhile, according to a statement from the Chinese commerce ministry released today, China has called on the United States to abandon zero-sum thinking and continue to lift "unjustified" trade and economic restrictions.

Hong Kong's Hang Seng index rallied 1.33 percent to 24,825.66 buoyed by a positive outlook from Taiwan Semiconductor and strong earnings from Netflix.

Japanese stocks ended slightly lower and government bond yields dropped across maturities as data showed Japan's core inflation rate fell to 3.3 percent in June after hitting a 29-month high. Investors also braced for the closely watched election this weekend.

The Nikkei average dipped 0.21 percent to 39,819.11 while the broader Topix index settled 0.19 percent lower at 2,834.48.

Seoul stocks closed lower as investors waited for second-quarter earnings results from major companies and eyed further developments in U.S. trade policy.

The Kospi average slipped 0.13 percent to 3,188.07. Shipbuilder HD Hyundai fell 2.2 percent and national flag carrier Korean Air lost 1 percent.

Australian stocks hit a record high as higher commodity prices boosted mining stocks. The benchmark S&P/ASX 200 jumped 1.37 percent to 8,757.20 while the broader All Ordinaries index ended up 1.30 percent at 9,006.80.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dipped 0.19 percent to 12,880.40, halting a three-day rally.

U.S. stocks advanced overnight as PepsiCo and United Airlines reported earnings that beat estimates and upbeat jobless claims and retail sales data portrayed economic resilience.

The tech-heavy Nasdaq Composite and the S&P 500 climbed 0.8 percent and half a percent, respectively to reach new record closing highs, while the narrower Dow gained half a percent.