Asian Shares Mostly Lower In Cautious Trade; Nikkei Bucks Trend

(RTTNews) - Asian stocks ended mostly lower in cautious trade on Friday as U.S. President Donald Trump's reciprocal tariffs targeting more than 90 nations came into force just after midnight.

Trump said in a post on Truth Social that billions of dollars would soon start flowing into the United States, unless blocked by what he called a "radical left court" determined to see America fail.

China's Shanghai Composite index ended 0.12 percent lower at 3,635.13 after Trump demanded the immediate resignation of new Intel CEO Lip-Bu Tan, calling him "highly conflicted" due to his ties to Chinese firms. Hong Kong's Hang Seng index fell 0.89 percent to 24,858.82.

Japanese shares bucked the regional trend after the country's chief trade negotiator said the U.S. agreed to end so-called stacking on universal tariffs and cut car levies at the same time.

SoftBank's strong profits and growing investments in AI also boosted sentiment. The Nikkei average jumped 1.85 percent to 41,820.48.

The broader Topix index settled 1.21 percent higher at 3,024.21, rising above the key psychological mark of 3,000 points for the first time.

Automakers Nissan, Mitsubishi Motors, Honda and Toyota surged 3-4 percent while SoftBank Group shares soared 10.4 percent. Sony climbed 3.5 percent to extend the previous session's strong gains after hiking profit forecasts.

Seoul stocks ended lower as defense stocks succumbed to profit taking amid expectations that the planned U.S.-Russia summit next week may bring an end to the Russia-Ukraine war.

The Kospi average dropped 0.55 percent to 3,210.01. Hyundai Rotem gave up 4.9 percent, Hanwha Aerospace Industries lost 5.5 percent and LIG Nex1 plummeted 14.9 percent.

Australian markets ended slightly lower after two record-setting sessions. The benchmark S&P/ASX 200 dipped 0.28 percent to 8,807.10, with banks and energy stocks leading losses ahead of the Reserve Bank of Australia's meeting on August 12. The broader All Ordinaries index closed down 0.28 percent at 9,076.60.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index slipped 0.33 percent to close at 12,844.63 on concerns over the impact of the newly imposed U.S. tariffs on the domestic economy.

The dollar index edged up after two days of losses and gold held firm above $3,400 per ounce on Fed rate cut bets, while oil was set for its deepest weekly loss since June due to worries about too much oil supply.

Overnight, U.S. stocks ended mixed as new U.S. tariffs hit dozens of trading partners and President Trump hinted at chip tariff carveouts.

Three Federal Reserve officials voiced concerns over the labor market as data showed continuing claims for unemployment benefits reached their highest level since November 2021.

Meanwhile, Trump tapped Stephen Miran, one of his top economic advisers, to temporarily serve on the Federal Reserve's Board of Governors.

The tech-heavy Nasdaq Composite rose 0.4 percent, while the S&P 500 finished marginally lower and the Dow fell half a percent.