BEIJING (dpa-AFX) - Asian stocks ended mixed on Wednesday, as a rebound in memory and semiconductor shares on optimism over AI-driven demand helped offset rising geopolitical tensions in the Middle East.
Traders also looked ahead to earnings from major U.S. technology companies for additional clues on the trajectory of the AI trade.
The U.S. dollar index held near a one-week high on the back of rising U.S.-Iran tensions and concerns over new U.S. trade tariffs.
Amid escalating tensions, U.S. President Donald Trump ruled out immediate peace talks with Iran and said the U.S. will likely strike the Pickaxe Mountain nuclear facility.
Trump also unveiled a phased tariff plan for imported generic medicines after imposing a 50 percent tariff on a wide range of goods imported from Canada.
Gold traded up nearly 1 percent at $4,118 an ounce, extending gains for a fourth consecutive session despite pressure from hawkish Fed pricing.
Brent crude prices jumped nearly 3 percent above $93 a barrel, climbing for a fourth day and hitting almost six-week highs as risks to global supply spread beyond the Middle East to the Black Sea.
China's Shanghai Composite index finished marginally higher at 3,867.03 after a choppy session.
Hong Kong's Hang Seng index fell 0.95 percent to 24,892.66. Tencent Holdings slumped more than 7 percent as concerns grew about its mobile gaming business.
Japanese markets gave up initial gains to end slightly lower as oil prices surged and the yen slid past 163 per dollar for the first time since 1986, keeping broader sentiment in check.
The Nikkei average ended 0.18 percent lower at 66,115.60 after hitting an intraday high of 67,592.20, led by strong gains in the chip sector. The broader Topix index closed 0.45 percent higher at 4,033.13 after data showed Japan's exports rose for a tenth straight month.
Seoul stocks ended higher for a second straight session after data showed South Korea's semiconductor exports soared 180 percent year-on-year in the first 20 days of July, underscoring sustained AI-driven demand.
The Kospi index closed 0.74 percent higher at 6,797.70 after rising as high as 7,166 earlier. Market bellwether Samsung Electronics rose 0.6 percent ahead of Alphabet's second-quarter earnings results due later in the day.
Australian markets eked out modest gains, led by energy stocks as oil prices hit a five-week high on heightened Middle East tensions. The benchmark S&P/ASX 200 rose 0.34 percent to 8,823 while the broader All Ordinaries index ended 0.31 percent higher at 9,004.90.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index surged 0.78 percent to 13,763.18, reaching its highest level since July 9.
Overnight, U.S. stocks gained momentum as semiconductor names took center stage ahead of a flurry of tech earnings reports due this week.
Industrial conglomerate 3M and auto giant General Motors reported better-than-expected second-quarter results, helping offset concerns over Middle East hostilities, inflation and U.S. trade policy.
The S&P 500 advanced 0.9 percent to snap a three-day losing streak, while the Dow gained 0.7 percent and the tech-heavy Nasdaq Composite rallied 1.3 percent.
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