CANBERA (dpa-AFX) - Asian stocks ended mixed on Wednesday due to lingering uncertainty surrounding U.S.-Iran peace talks.
U.S. President Donald Trump said he would extend the ceasefire until Tehran submits a 'unified' proposal.
Iran dismissed Trump's ceasefire extension as 'meaningless' and said the Strait of Hormuz will remain closed until the U.S. blockade on Iranian ports is lifted.
Mahdi Mohammadi, a senior adviser to Iranian Parliament Speaker Mohammad Bagher Ghalibaf, termed the ceasefire extension as a ploy 'to buy time for a surprise strike', adding the 'losing side cannot dictate terms.'
The dollar held near one-week highs and Brent crude prices hovered around $98 a barrel as concerns grew that the Middle East conflict could drag on. Gold rebounded to trade above $4,760 an ounce after falling over 2 percent in the previous session.
China's Shanghai Composite index ended up 0.52 percent at 4,106.26 after JP Morgan said China's property market may be nearing a turning point.
Hong Kong's Hang Seng index fell 1.22 percent to 26,163.24, led by declines in technology counters.
Japanese markets eked out modest gains after data showed the country's trade surplus widened in March on strong export growth.
The Nikkei average edged up by 0.40 percent to 59,585.86, extending gains for a third consecutive session and hitting a record closing high as JP Morgan raised its year-end target for the benchmark index.
The broader Topix index fell 0.67 percent to 3,744.99. Tech stocks performed well, with SoftBank Group rallying 8.5 percent and Advantest climbing 2.6 percent.
Seoul stocks hit a new record high on optimism over stronger corporate earnings. The Kospi average rose 0.46 percent to 6,417.93, extending its record run for a second straight day and closing above the 6400 level for the first time.
Battery maker LG Energy Solution gained 1.4 percent, Samsung SDI added 2.2 percent and shipbuilder HD Hyundai Heavy Industries soared 11.3 percent.
Australian markets fell sharply to hit a two-week low, with banks and healthcare stocks pacing the decliners. The benchmark S&P/ASX fell 1.18 percent to 8,843.60 while the broader All Ordinaries index closed 1.12 percent lower at 9,074.40.
Cochlear shares plummeted 40.7 percent to a 10-year low after the hearing-implant maker cut its full-year earnings guidance.
Bank of Queensland slumped 9.1 percent after reporting a decline in first-half cash earnings. BHP Billiton rose 1.2 percent after upgrading its guidance for the copper business.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index recovered from an early slide to settle 0.10 percent higher at 12,945.60, extending gains from the previous two sessions.
Air New Zealand fell 1.1 percent after its chief financial officer Richard Thomson resigned.
Overnight, U.S. stocks ended lower amid doubts over prospects for a breakthrough to end the U.S.-Iran war.
In an interview with CNBC, President Donald Trump said he expects to 'end up with a great deal' with Tehran but indicated the military is ready to resume bombing Iran when the ceasefire expires on Wednesday.
The New York Times reported that Vice President JD Vance's trip to Pakistan has been suspended because Iran did not respond to American negotiating positions.
In economic news, retail sales increased more than expected in March and ADP's National Employment Report Pulse noted strong job creation for the fifth consecutive week, denting hopes for Federal Reserve rate cuts this year.
The Dow, the S&P 500 and the tech-heavy Nasdaq Composite all fell around 0.6 percent despite optimism over a round of solid corporate earnings.
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