BEIJING (dpa-AFX) - Asian stocks ended mixed on Friday after Beijing's strategic commitment to deepen tech investment. After announcing a conservative 2026 GDP growth target at 4.5-5 percent, China pledged substantial investment in high-tech sectors, benefiting artificial intelligence, chipmakers, and biotech firms.
Regional sentiment, however, was cautious as the Middle East war unleashed by U.S.-Israeli attacks on Iran swelled outwards to Cyprus, Sri Lanka, Turkey and Azerbaijan, raising concerns about the outlook for trade, prices and investment.
The dollar was set for its steepest weekly gain in a year as the Iran war unleashed a fresh wave of uncertainty which markets typically dislike.
Gold edged up in Asian trade but was on track for the first weekly decline in more than a month, pressured by a stronger U.S dollar and fading rate-cut prospects.
Oil prices were slightly lower after the U.S. cleared the way for India to temporarily increase its purchases of Russian oil in a bid to stabilize global energy supplies.
That said, crude oil prices were on track for a 16 percent weekly gain due to severe disruption in tanker traffic through the Strait of Hormuz.
China's Shanghai Composite index rose 0.38 percent 4,124.19 after reports emerged that the government has ordered a suspension of new fuel export contracts as part of efforts to domestic supply and demand amid heightened inflation risks and market volatility.
The Chinese government also announced a GDP growth target of 4.5-5 percent for 2026 in anticipation of greater global uncertainty.
Hong Kong's Hang Seng index rallied 1.72 percent to 25,757.29, led by gains in the technology sector following recent earnings reports. JD.com shares soared 10 percent and Tencent Holdings added 3.4 percent.
Japanese markets advanced after a four-day plunge amid concerns that disruptions through the Strait of Hormuz may constrain energy supplies.
The Nikkei average surged 0.62 percent to 55,620.84, driven by expectations of a less-hawkish Bank of Japan. The broader Topix index settled 0.39 percent higher at 3,716.93.
Seoul stocks recovered from an early slide to end on a flat note amid the ongoing Middle East conflict. Investors also digested data that showed South Korea's annual inflation rate held steady at 2 percent in February 2026.
The Kospi average finished marginally higher at 5,584.87, with automakers, defense and battery stocks rising. Chip giant Samsung Electronics and its rival SK Hynix both fell around 1.8 percent.
Australian markets fell sharply and logged their worst weekly loss in a year after Iran said it hadn't asked for a ceasefire and has no intention of negotiating.
The benchmark S&P/ASX 200 tumbled 1 percent to 8,851, with heavyweight banks and miners leading losses. The broader All Ordinaries index closed 0.87 percent lower at 9,085.10.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 0.72 percent to 13,519.35, reversing gains in the prior session.
U.S. stocks ended lower overnight as attacks in the Middle East spread to more countries and reports emerged that U.S. officials have written draft regulations that would restrict AI chip shipments to anywhere in the world without American approval.
U.S. Treasury yields rose for a fourth day in a row and oil spiked to its highest level since the summer of 2024, fueling inflation concerns and casting doubt on the prospect of immediate interest-rate cuts.
The Dow plunged 1.6 percent to reach its lowest closing level in well over two months while the S&P 500 shed 0.6 percent and the tech-heavy Nasdaq dipped 0.3 percent.
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