CANBERA (dpa-AFX) - Asian stocks ended mixed on Monday as trade worries lingered and provisional results for the European Union elections showed no party was able to secure a majority in European parliament.
British Prime Minister Theresa May's resignation also kept investors on tenterhooks.
China's Shanghai Composite index rallied 39.38 points or 1.38 percent to 2,892.38 despite data showing that profits for China's industrial firms dropped in April on slowing demand and manufacturing activity. Hong Kong's Hang Seng index ended down 0.24 percent at 27,288.09.
China's industrial profits fell an annual 3.7 percent in April in contrast to an increase of 13.9 percent growth in March, the country's statistics bureau said.
Japanese shares edged higher in thin trade as U.S. President Trump announced he will announce something on a U.S.-Japan trade agreement in August. Trump also said he was happy with how things were going with NorthKorea.
The Nikkei average rose 65.36 points or 0.31 percent to 21,182.58 while the broader Topix index closed 0.38 percent higher at 1,547.
Index heavyweights Fast Retailing and SoftBank ended up 1.3 percent and 1.7 percent, respectively. Automakers ended mostly higher despite Trump threatening to target domestic automakers with high tariffs. Nissan Motor and Toyota Motor rose around 1 percent.
Australian markets fluctuated before finishing marginally lower as trade tensions persisted and the European Parliament elections revealed a rapidly fragmenting political landscape.
The benchmark S&P/ASX 200 index ended down 4.10 points at 6,451.90 while the broader All Ordinaries index closed largely unchanged at 6,544.80.
Financials extended losses for a fourth day after the country's financial regulator warned banks of stricter external scrutiny and higher capital requirements. Both Commonwealth Bank and Westpac shed around 0.7 percent.
Insurer Suncorp lost 2.2 percent after its chief executive and managing director Michael Cameron stepped down.
Mining heavyweight BHP advanced 1.3 percent and Rio Tinto added 1.8 percent after iron ore prices closed near their highest levels since early 2014 on Friday. Smaller rival Fortescue Metals Group rallied 2.8 percent.
Vocus shares soared 17 percent after the telecoms firm said it had received an A$3.3 billion ($2.3 billion) buyout offer from Swedish private-equity firm EQT Infrastructure.
Seoul stocks fell for a third straight session as investors continued to fret about the trade war between the United States and China.
The benchmark Kospi finished marginally lower at 2,044.21, giving up early gains. Chipmaker SK Hynix fell over 1 percent and Naver, the operator of the country's top internet portal, declined 2.6 percent.
Automakers gained ground, with Hyundai Motor climbing 3.5 percent and its affiliate Kia Motors rising 1.3 percent.
New Zealand shares fell notably, with the benchmark S&P/NZX 50 index ending down 74.65 points or 0.73 percent at 10,147.71, dragged down by healthcare stocks. Fisher & Paykel Healthcare Corp tumbled 3.5 percent despite the company delivering record full-year result.
U.S. stocks rose on Friday after President Trump said he remains hopeful of a U.S.-China trade deal and that he would meet with Chinese President Xi Jinping at the G20 summit next month.
The Dow Jones Industrial Average rose 0.4 percent while the S&P 500 and the tech-heavy Nasdaq Composite index inched up around 0.1 percent.
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