BEIJING (dpa-AFX) - Asian stocks ended mixed on Tuesday amid renewed trade concerns. The Japanese and South Korean markets, which resumed trading after holidays, fell sharply while markets elsewhere across the region regained some ground after steep losses in the previous session.
Chinese shares fluctuated before finishing higher after the People's Bank of China announced it would reduce the required reserve ratio for some small and medium-sized banks.
The benchmark Shanghai Composite index rose 19.93 points or 0.69 percent to 2,926.39 while Hong Kong's Hang Seng index ended up by 0.52 percent at 29,363. 02.
China's commerce ministry today said that Vice Premier Liu He would visit the United States on May 9 and May 10 for bilateral trade talks at the invitation of senior U.S. officials.
Japanese shares tumbled as trading resumed after a ten-day holiday. The Nikkei average fell 335.01 points or 1.51 percent to 21,923.72, its lowest close since April 12, after a sudden revival in U.S.-China trade war fears. The broader Topix index ended down 18.09 points or 1.12 percent at 1,599.84.
China-related companies fell heavily, with Komatsu losing 10 percent and Yaskawa Electric ending down 6.4 percent. Taiyo Yuden Co. , a maker of parts for iPhones, slumped 14.5 percent.
Foster Electric lost 12.2 percent and Murata Manufacturing plummeted 13.2 percent after warning of lower operating profits for the fiscal year. Sony Corp rallied 3.8 percent after beating earnings expectations.
Australian markets eked out modest gains, with miners leading the surge after a Brazilian court ordered Vale to halt operations at its Brucutu mine.
Markets ended well off their day's highs after the Reserve Bank of Australia held the cash rate at a record low 1.5 percent for the 33rd month in a row.
The benchmark S&P/ASX 200 index inched up 12 points or 0.19 percent to 6,295.70 while the broader All Ordinaries index ended up 13.60 points or 0.21 percent at 6,383.50.
Mining heavyweights BHP and Rio Tinto advanced 1.4 percent and 2.3 percent, respectively while smaller rival Fortescue Metals Group soared 6.3 percent.
The big four banks fell between 0.2 percent and 0.4 percent. Retailer Wesfarmers rose 0.8 percent and Coles Group gained 1.4 percent.
Official data released later in the day showed that retail sales in the country rose by seasonally-adjusted 0.3 percent in March against expectations for a score of 0.2 percent.
GrainCorp shares plunged 7 percent after suitor Long-Term Asset Partners withdrew it's A$2.38 billion takeover bid that it made in December 2018 for the bulk grain handler.
Seoul stocks closed sharply lower on increased geopolitical tensions after North Korea test-fired a barrage of projectiles into the East Sea.
An escalating U.S.-China trade war also dented investors' appetite for risk. The benchmark Kospi dropped 19.33 points or 0.88 percent to 2,176.99, dragged down by electronic makers, chemical firms and refiners.
LG Display tumbled 4.1 percent, LG Chem declined 1.8 percent and SK Innovation gave up 1.7 percent.
New Zealand shares finished notably higher, with the benchmark S&P/NZX 50 index ending up 66.77 points or 0.67 percent at 10,027.39 led by consumer-staple companies and utilities.
Overnight, U.S. stocks recovered a good portion of the early losses to end modestly lower as hopes for a U.S.-China trade deal faded.
The Dow Jones Industrial Average slipped 0.3 percent, while the tech-heavy Nasdaq Composite and the S&P 500 dropped around half a percent.
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