CANBERA (dpa-AFX) - Asian stocks ended mostly higher on Friday as investors shrugged off the U.S. decision to increase tariffs on $200 billion worth of Chinese goods and remained hopeful of a breakthrough in trade talks.
China's Shanghai Composite index jumped as much as 3.1 percent to 2,939.21 and the yuan strengthened as state funds stepped in to prop up markets following the Trump administration's latest tariff hike. Hong Kong's Hang Seng index advanced 0.84 percent to 28,550.24.
Japanese shares ended lower after the U.S. hiked tariffs on more than $200 billion in goods from China, raising concerns the trade dispute will dent global growth.
The Nikkei average ended down 57.21 points or 0.27 percent at 21,344.92, extending losses for a fifth straight session. For the week, the Nikkei ended down more than 4 percent, marking the biggest weekly loss this year. The broader Topix index ended marginally lower at 1,549.42.
China-related stocks rebounded from recent losses on short-covering. Fanuc rose 0.8 percent and Yaskawa Electric gained 2.3 percent.
Panasonic Corp slumped 6.5 percent after warning profit this financial year would fall for the first time in eight years.
Mitsubishi Motors lost 13.8 percent as Nomura Securities cut its target price on the stock.
Australian markets fluctuated before finishing modestly higher as the federal election loomed and U.S.-China trade talks headed into second day.
The benchmark S&P/ASX 200 rose 15.60 points or 0.25 percent to 6,310.90 while the broader All Ordinaries index ended up 15.80 points or 0.25 percent at 6,393.10.
Energy stocks such as Origin Energy, Santos and Woodside Petroleum rose between half a percent and 1 percent as oil prices rose on optimism for a U.S.-China trade deal.
Mining heavyweights BHP and Rio Tinto ended slightly lower while smaller rival Aurelia Metals gained 0.9 percent after it abandoned talks to buy the CSA mine in New South Wales.
Banks ended mostly higher showing modest gains despite the Reserve Bank of Australia downgrading its economic forecasts for GDP and underlying inflation this year.
Seoul stocks rose to snap a four-day losing streak as trade negotiations between the U.S. and China moved into a second day.
The benchmark Kospi inched up 6.03 points or 0.29 percent to 2,108.04. Tech heavyweight Samsung Electronics advanced 1.1 percent while chipmaker SK Hynix fell 2.1 percent.
New Zealand shares ended little changed, with the benchmark S&P/NZX 50 index ending down 4.98 points at 10,099.37.
U.S. stocks ended modestly lower overnight as investors remained worried about a sharp escalation in the U.S.-China trade dispute.
The Dow shed half a percent, the tech-heavy Nasdaq Composite slipped 0.4 percent and the S&P 500 eased 0.3 percent.
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