(RTTNews) - Asian stocks ended mixed on Friday as tariff worries offset investor optimism over China's artificial intelligence potential.
Gold dipped from record highs and the dollar faced a third straight weekly drop, while oil headed for a weekly gain on supply jitters.
China's Shanghai Composite Index gained 0.9 percent to close at 3,379.11 on optimism toward the technology sector.
In addition, U.S. President Donald Trump's comments have raised hopes of a de-escalation in the trade war between the world's two largest economies.
Trump told reporters that a trade deal with China "is possible" in an interview aboard Air Force One.
Hong Kong's Hang Seng Index soared 4.0 percent to 23,477.92 as tech giant Alibaba reported quarterly revenue and earnings that beat expectations on strong year-end shopping sales.
Alibaba Group shares spiked 14.6 percent as the company's CEO said the pursuit of artificial general intelligence is now the company's "primary objective."
Japanese markets eked out modest gains as the yen retreated after strengthening to a more than two-month high of 150.52 per U.S. dollar on Thursday amid BoJ rate hike bets.
The Nikkei 225 Index rose 0.3 percent to 38,776.94 as Bank of Japan Governor Kazuo Ueda said the central bank would ramp up government bond buying if long-term interest rates rise sharply. The broader Topix Index finished marginally higher at 2,736.53.
Seoul stocks ended little changed, with the Kospi finishing marginally higher at 2,654.58, recovering from an early slide.
Australian markets ended slightly lower, giving up early gains amid increasing geopolitical tensions.
Data showed Australia's unemployment rate rose further in January even as hiring exceeded expectations. Separately, a survey by S&P Global revealed that business activity in Australia's private sector rose to a six-month high in February.
The benchmark S&P/ASX 200 Index fell 0.3 percent to 8,296.20, while the broader All Ordinaries index settled 0.4 percent lower at 8,570.90.
Mayne Pharma Group shares soared 33 percent after U.S. pharma giant Cosette made a $672 million bid for the company.
QBE Insurance rallied 3 percent on strong full-year results. Nine Entertainment jumped 20 percent following CoStar's $2.7 billion bid for Domain.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index slumped 1.0 percent to 12,752.58, marking its fourth consecutive decline and hitting its lowest closing level in two months.
U.S. stocks ended firmly in the red overnight as Walmart's fiscal 2026 guidance missed analyst expectations and big bank stocks fell sharply amid concerns about the outlook for growth, inflation and interest rates.
The S&P 500 dropped 0.4 percent, the tech-heavy Nasdaq Composite gave up half a percent and the narrower Dow lost 1 percent.
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