CANBERA (dpa-AFX) - Asian stocks turned in a mixed performance on Monday as mixed corporate earnings results and falling oil prices offset upbeat U.S. GDP data as well as growing optimism over a possible U.S.-China trade deal.
Chinese stocks fluctuated before ending notably lower as investors awaited manufacturing and service sector data for directional cues.
The benchmark Shanghai Composite index dropped 23.90 points or 0.77 percent to 3,062.50 while Hong Kong's Hang Seng index gained 287.80 points or 0.97 percent to finish at 29,892.81.
Financial markets in Japan were closed for the Golden Week holidays.
Australian markets pulled back from a more than 11-year high as a 3 percent slump in oil prices on Friday weighed on energy stocks and investors waited to take cues from the earnings season.
The benchmark S&P/ASX 200 index dropped 26.10 points or 0.41 percent to 6,359.50, snapping a four-session winning streak. The broader All Ordinaries index ended down 23.60 points or 0.36 percent at 6,449.60.
The big four banks fell between 0.3 percent and 0.9 percent ahead of earnings later this week. Grocery chain Coles Group edged up 0.3 percent on posting higher quarterly sales at its supermarkets. Rival Woolworths Group shed 0.9 percent.
Gold miners ended mixed, shrugging of an uptick in gold prices. Santos, Beach Energy, Woodside Petroleum and Oil Search ended down between 0.7 percent and 1.2 percent after crude oil prices fell almost 3 percent on Friday.
Seoul stocks rallied led by technology stocks. The benchmark Kospi ended up 37.12 points or 1.70 percent at 2,216.43, with SK Hynix, LG Display and Samsung Electronics climbing 2-3 percent.
New Zealand shares eked out modest gains, with the benchmark S&P/NZX 50 index ending up 18.20 points or 0.18 percent at 10,012.77, helped by gains in consumer staple and telecom stocks.
U.S. stocks rose on Friday as upbeat GDP data outweighed a mixed bag of corporate earnings. The U.S. economy grew an annual 3.2 percent in the first three months of the year - a much bigger increase than expected.
The Dow Jones Industrial Average rose 0.3 percent, while the S&P 500 gained half a percent and the tech-heavy Nasdaq Composite added 0.3 percent to reach fresh record closing highs.
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