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Asian stocks fell on Friday as U.S.-China tensions persisted and China’s ruling Communist Party ended a top-level meeting without offering details to address economic difficulties. Tech stocks extended losses despite TSMC’s earnings beat. <\/p>\n
The U.S. dollar rebounded from four-month lows while gold fell more than 1 percent toward $2,400 per ounce but was on track for a fourth straight weekly gain. <\/p>\n
Oil drifted lower in Asian trade and headed for a second consecutive weekly decline on concerns about Chinese demand and the global economy<\/span>. <\/p>\n China’s Shanghai Composite index ended up 0.17 percent at 2,982.31 after a choppy session. Hong Kong’s tech-heavy Hang Seng fell 2.03 percent to 17,417.68 on concerns over a renewed trade war between Beijing and Washington.<\/p>\n According to media reports, the U.S. was considering stricter trade restrictions against China, especially the country’s technology<\/span> and chipmaking sectors. <\/p>\n Japanese markets<\/span> ended lower despite semiconductor stocks rebounding from recent string of losses. <\/p>\n The Nikkei average slipped 0.16 percent to 40,063.79 while the broader Topix index settled 0.27 percent lower at 2,860.83.<\/p>\n Renesas Electronics surged 3.5 percent, Tokyo Electron rallied 2.3 percent and Advantest added 1.6 percent while Screen Holdings fell 1.2 percent. <\/p>\n Disco, a maker of chip manufacturing devices, slumped 4.6 percent after posting disappointing financial results. <\/p>\n Earlier in the day, data showed Japanese consumer price inflation grew less than expected in June, raising doubts over whether the Bank of Japan will hike interest rates soon.<\/p>\n In another development, Japan’s government cut this year’s growth forecast as consumption took a hit from rising import costs due to a weak yen.<\/p>\n Seoul stocks fell sharply due to speculation over a second Donald Trump presidency and ongoing concerns over the U.S.-China trade war. <\/p>\n The Kospi average dropped 1.02 percent to 2,795.46 due to losses in chipmaking stocks. Market bellwether Samsung Electronics gave up 2.9 percent and SK Hynix dipped 1.4 percent. <\/p>\n Australian markets fell notably as lower commodity prices weighed on resource stocks. <\/p>\n The benchmark S&P\/ASX 200 slid 0.81 percent to 7,971.60 while the broader All Ordinaries index ended 0.77 percent lower at 8,209.20. BHP, Rio Tinto, Evolution Mining and Newmont fell 2-3 percent. <\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index finished marginally lower at 12,325.60.<\/p>\n U.S. stocks tumbled overnight as technology stocks extended losses amid fears of new trade tensions with China.<\/p>\n In economic releases, a measure of regional manufacturing activity improved markedly in July while initial jobless claims increased more than expected last week, adding to concerns about the labor market.<\/p>\n The Dow dropped 1.3 percent after closing at record highs in each of the previous two sessions.<\/p>\n The tech-heavy Nasdaq Composite slid 0.7 percent and the S&P 500 shed 0.8 percent to extend losses from the previous session. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n