CANBERA (dpa-AFX) - Asian stocks ended mostly higher on Thursday as Nvidia's strong results quelled worries over weakening AI demand.
Regional gains, however, remained capped due to Fed independence worries and reports suggesting that the Mexican government is set to raise tariffs on Chinese imports, including cars, textiles, and plastics, as part of its 2026 budget proposal.
Elsewhere, Japanese economic revitalization minister Ryosei Akazawa has cancelled his trip to the United States for tariff negotiations between the two countries at the last minute due to technical matters, the government said in a statement.
Chinese markets rallied as Nvidia's Chinese competitors surged on optimism about localization efforts. Cambricon Technologies jumped 15.7 percent and SMIC shares surged 11 percent. The benchmark Shanghai Composite index climbed 1.14 percent to 3,843.60.
Hong Kong's Hang Seng index dropped 0.81 percent to 24.998.82, extending losses for a third straight session as Meituan warned of losses due to competition with Alibaba. Meituan shares plunged 12.6 percent.
Japanese markets advanced after billionaire investor Warren Buffett increased his investments in the country. The Nikkei average recovered from losses to close 0.73 percent higher at 42,828.79 while the broader Topix index ended up 0.65 percent at 3,089.78.
Mitsubishi Corp gained 1.9 percent after a unit of Warren Buffett's Berkshire Hathaway said it had increased its stake in the trading house to 10.23 percent from 9.74 percent. Rival Mitsui & Co rose 1.2 percent.
Technology investor SoftBank rallied 3.2 percent and chip-making equipment maker Tokyo Electron added a little over 2 percent.
Seoul stocks ended slightly higher as the Bank of Korea held rates, as widely expected by economists, and lifted its 2025 growth forecast.
The Kospi average inched up 0.29 percent to 3,196.32, with finance, defense and shipbuilding shares pacing the gainers.
Australian markets eked out modest gains as banks edged higher, offsetting losses in the energy and mining sectors. The benchmark S&P/ASX 200 rose 0.22 percent to 8,980 while the broader All Ordinaries index settled 0.11 percent higher at 9,241.10.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended up 0.32 percent at 12,903.08.
The dollar struggled to make headway against major peers in Asian trade and gold prices were steady around $3,395 per ounce while oil prices declined on concerns the market is moving into surplus.
U.S. stocks ended higher overnight as investors looked past President Trump's unprecedented move to fire Fed Board Governor Lisa Cook from the central bank's board and braced for Nvidia results.
The S&P 500 inched up 0.2 percent to reach a new record closing high while the Dow added 0.3 percent and the tech-heavy Nasdaq Composite edged up by 0.2 percent.
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