CANBERA (dpa-AFX) - Asian stocks turned in a mixed performance on Thursday after the U.S. and Mexico failed to reach a deal during their trade talks on Wednesday.
China's Shanghai Composite index ended down 33.62 points or 1.17 percent at 2,827.80 after the International Monetary Fund cut China's growth forecast for this year and next, citing downside risks and high uncertainty surrounding trade tensions.
The lender lowered the growth forecast for this year to 6.2 percent from 6.3 percent seen in April. The projection for next year was trimmed to 6 percent from 6.1 percent.
On conclusion of the IMF staff Article IV mission to China, the lender said it expects China's growth to gradually slow to 5.5 percent by 2024, as the economy moves towards a more sustainable growth path. Hong Kong's Hang Seng index edged up 0.26 percent to 26,965.28.
Japanese shares ended on a flat note amid trade uncertainties after the U.S. and Mexico failed to reach a deal on immigration issues. The Nikkei average fluctuated before finishing marginally lower at 20,774.04. The broader Topix index closed 0.34 percent lower at 1,524.91.
Exporters Panasonic, Sony and Honda Motor fell 1-2 percent as the yen hit a five-month high after the release of weak private jobs data from the U.S.
Nissan Motor declined 1.7 percent and Mitsubishi Motors fell as much as 5.9 percent as Fiat Chrysler Automobiles NV abruptly withdrew its offer to combine with Renault SA, the alliance partner of the two Japanese firms.
Murata Manufacturing, TDK and Taiyo Yuden lost 3-5 percent amid uncertainties over the global trade environment.
Rakuten soared 4.7 percent after the e-commerce company announced a tie-up with East Japan Railway on cashless services.
Australian markets gained ground as financials extended gains for a third straight session. The benchmark S&P/ASX 200 index inched up 24.50 points or 0.39 percent to 6,383 while the broader All Ordinaries index ended up 22.80 points or 0.35 percent at 6,466.40.
The big four banks rose between 0.4 percent and 0.8 percent on expectations the Reserve Bank's decision to cut its official interest rate to a record low will improve housing affordability.
Bank of Queensland gained 1 percent after appointing George Frazis, outgoing head of consumer banking at Westpac, as its chief executive and managing director.
Santos gained over 1 percent after confirming a major oil and gas resource at Dorado-2 appraisal well in Western Australia.
Woodside Petroleum, Oil Search and Origin Energy edged lower as U.S. oil prices plunged back into a bear market.
Miners BHP, Rio Tinto and Fortescue Metals Group dropped 1-3 percent after copper weakened to a five-month low.
In economic news, Australia's trade surplus fell unexpectedly to A$4.87 billion in April from A$4.88 billion in March on higher imports, data from the Australian Bureau of Statistics showed.
New Zealand shares eked out modest gains, with the benchmark S&P/NZX 50 index ending up 30.94 points or 0.31 percent at 9,987, led by healthcare stocks. Heavyweight Fisher & Paykel Healthcare Corp rallied 2.4 percent.
Markets in South Korea, Malaysia and Indonesia were closed for holidays.
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