BEIJING (dpa-AFX) - Asian stocks ended mostly lower on Friday, mirroring steep declines on Wall Street overnight amid lingering geopolitical tensions in the Middle East.
Claiming that talks with Tehran regime are 'going very well', U.S. President Doanld Trump announced he would delay attacks on Iran's energy infrastructure by an additional 10 days - extending for a second time his deadline for Iran to reopen the Strait of Hormuz.
Trump issued a stark warning to Iran, saying the U.S. will 'keep blowing them away' if a deal is not reached.
Trump's statement followed an earlier report that suggested Iran had rejected a 15-point U.S. ceasefire proposal, calling it on-sided and unfair.
Gold prices rose nearly 2 percent in Asian trade as the dollar dipped from recent highs. Oil prices regained ground, with Brent crude futures nearing $110 a barrel as fears of a prolonged energy shock stemming from the conflict in the Middle East persisted.
Chinese and Hong Kong markets reversed early losses after China's industrial firms reported stronger profit growth in the January-February period.
China's Shanghai Composite index ended up 0.63 percent at 3,913.72 after data showed industrial profits jumped 15.2 percent from a year earlier in the January-February period - extending a sharp rebound from a 5.3 percent jump in December. Hong Kong's Hang Seng index edged up by 0.38 percent to 24,951.88.
Japanese markets ended slightly lower as elevated energy prices and a deepening decline in Treasuries stoked fears about inflation. The Nikkei average dropped 0.43 percent to 53,373.07 while the broader Topix index settled 0.19 percent higher at 3,649.69.
Seoul stocks fell modestly as investors weighed mixed signals on the Middle East war against easing concerns over the chipmaking industry. The Kospi index slipped 0.40 percent to 5,438.87.
Chip giant Samsung Electronics closed 0.22 percent lower at 179,700 won after falling nearly 4 percent earlier. Peer SK Hynix slumped almost 5 percent before recovering to end 1.2 percent lower at 922,000 won. AI investment firm SK Square fell 2.5 percent.
Australian markets ended marginally lower to extend losses for a second day running. The benchmark S&P/ASX 200 slid 0.11 percent to 8,516.30 while the broader All Ordinaries index closed 0.16 percent lower at 8,712.80.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dipped 0.32 percent to 12,935.39, snapping a two-day winning streak.
Overnight, U.S. stocks fell by the most since the beginning of Iran war as oil prices resumed their climb amid uncertainty over the situation in the Middle East.
Tehran rebutted the U.S. president's fifteen-point ceasefire proposal and responded with conditions of its own.
President Donald Trump claimed that Iranian negotiators were 'begging for a deal' and 'they better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won't be pretty!'
Gulf countries have issued a joint statement condemning Iran's 'criminal' attacks on their energy infrastructure, signaling a readiness to act in 'self-defense' and reaffirming their right to 'take all necessary measures to safeguard sovereignty, security, and stability.'
As the West Asia crisis deepens, OECD and the Asian Development Bank both cautioned against the adverse impact of energy prices on inflation and global growth.
OECD predicted that the average inflation rate for G20 countries this year would rise to 4 percent, up from its December prediction of 2.8 percent.
The tech-heavy Nasdaq Composite slumped 2.4 percent to confirm a correction and the S&P 500 plunged 1.7 percent to reach its lowest level since early last September while the Dow declined 1 percent.
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