CANBERA (dpa-AFX) - Asian stocks ended mixed on Thursday, recovering some lost ground after a sluggish start as U.S.-Iran tensions escalated and tech earnings proved to be a mixed bag.
U.S. President Donald Trump has warned Iran that 'time is running out' to negotiate a deal on its nuclear program following the steady build-up of U.S. military forces in the Gulf.
In response, Iran's Foreign Minister Abbas Araghchi said the country's armed forces were ready 'with their fingers on the trigger' to 'immediately and powerfully respond' to any aggression by land or sea.
Meanwhile, all eyes are now on Apple after Microsoft's quarterly results highlighted rising costs linked to heavy AI investment.
The dollar weakened, halting Wednesday's bounce, as concerns over the Federal Reserve's independence, combined with ongoing fiscal pressures and tariff worries overshadowed comments from U.S. Treasury secretary Scott Bessent that Washington was still pursuing a 'strong dollar policy'.
10-year Treasury yields moved higher after the Federal Reserve kept interest rates unchanged and upped its assessment of the U.S. economy.
Gold jumped more than 2 percent to touch a new peak above $5,550 an ounce, prompting some experts to raise yellow flags about what comes next.
Oil extended a recent rally, driven by a weaker dollar, looming Iran concerns and disruption to crude production and exports from the U.S. Gulf Coast.
China's Shanghai Composite index edged up by 0.16 percent to 4,157.98, with real estate stocks surging after reports emerged that Chinese property developers are no longer required to report monthly data related to the country's 'three red lines' policy.
Hong Kong's Hang Seng index rose 0.51 percent to 27,968.09. Japanese markets swung between gains and losses before closing on a flat note. The Nikkei average finished marginally higher at 53.375.60 as government bonds showed mixed movement and the yen's sudden strength revived carry-trade unwind fears. The broader Topix index closed up 0.28 percent at 3,545.30.
Seoul stocks extended gains for a third day running to close at a new peak, with chip stocks and automakers leading the surge. The Kospi average climbed 0.98 percent to end at 5,221.25.
Hyundai Motor shares soared 7.2 percent. Samsung Electronics fell more than 1 percent despite the chip giant reporting an over three-fold surge in fourth-quarter profits, hitting a new record and beating analysts' estimates. SK Hynix advanced 2.4 percent after overtaking Samsung in operating profit.
Australian markets ended marginally lower as rare earths stocks sank on reports that the Trump administration is stepping back from plans to guarantee a minimum price for U.S. critical minerals projects.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index slipped 0.48 percent to 13,348.61, extending losses from the previous session after a survey showed growing plans by firms to hike their prices.
Overnight, U.S. stocks ended narrowly mixed as the Federal Reserve kept interest rates on hold in a split decision and signaled little urgency to resume cuts amid still-elevated inflation alongside solid economic growth.
In his closely monitored press conference, Fed Chair Jerome Powell emphasized keeping politics away from Fed decisions, as inflation remains above target levels.
While the S&P 500 finished marginally lower, the Dow closed flat with a positive bias and the tech-heavy Nasdaq Composite added 0.2 percent.
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