CANBERA (dpa-AFX) - Asian stocks ended mostly lower on Friday ahead of a key week featuring U.S. tariff decisions, big tech earnings and central bank meetings.
The dollar steadied near two-week lows as focus shifted to the Fed and BoJ meetings due next week, with both expected to hold rates steady.
Gold dipped below $3,360 per ounce after U.S. President Donald Trump downplayed his clash with Federal Reserve Chairman Jerome Powell over cost overruns, making it clear that he saw the issue of lower interest rates as a more pressing concern.
Oil prices climbed in Asian trade, fueled by optimism surrounding a potential trade agreement between the U.S. and the European Union and expectations of Russian export restrictions.
The Russian government has prepared a draft resolution to impose a complete ban on gasoline exports, Kommersant reported, citing sources familiar with the matter.
China's Shanghai Composite index slid 0.33 percent to 3,593.66 as the EU-China summit yielded few concrete changes.
Hong Kong's Hang Seng index fell 1.09 percent to 25,388.35, snapping a five-day winning streak ahead of third-round of U.S.-China trade negotiations.
Japanese markets fell notably after two days of strong gains on U.S.-Japan trade deal optimism. The Nikkei average dropped 0.88 percent to 41,456.23 while the broader Topix index, which hit a record high the previous day, closed 0.86 percent lower at 2,951.86.
Industrial robot maker Yaskawa Electric slumped 6 percent to snap a three-day winning streak. Mitsubishi Motors plummeted almost 8 percent after first-quarter operating profit fell short of projections.
The yen declined as data showed Tokyo CPI inflation eased more than expected in July, complicating the Bank of Japan's interest-rate hike prospects.
Seoul stocks rose for a third straight session as solid Alphabet earnings offset U.S. tariff uncertainties. The Kospi average inched up 0.18 percent to 3,196.05. LG Energy Solution fell 1.2 percent after it warned of slowing EV battery demand due to U.S. tariffs.
Australian markets ended lower, with banks and miners leading losses. Energy stocks surged, with Woodside Energy Group rallying 3.7 percent to its highest close since early October.
The benchmark S&P/ASX 200 dropped 0.49 percent to 8,666.90 while the broader All Ordinaries index settled half a percent lower at 8,934.30.
Across the Tasman, New Zealand's benchmark S&P/NZX 50 index ended up 0.38 percent at 12,853.46 amid caution before next month's reporting season.
U.S. stocks ended mixed overnight as stronger-than-expected earnings from Google parent Alphabet offset an uptick in Treasury yields ahead of next week's Federal Reserve decision.
Economic reports painted a mixed picture of the economy, with jobless claims seeing an unexpected dip last week and new home sales holding steady at a relatively tepid level in June.
The tech-heavy Nasdaq Composite gained 0.2 percent and the S&P 500 inched up marginally to hit fresh record closing highs while the Dow lost 0.7 percent, dragged down by IBM and Tesla shares.
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