The Hang Seng index turned sharply lower after the U.S. president reignited trade tensions with China and the European Union. Macau-based casino operators advanced following a surge in record revenue during the Dragon Boat Festival holiday.
Japan's indexes trimmed weekly and monthly advances after the U.S. appeals court prolonged the trade policy uncertainty. Elevated inflation in the Tokyo area supported the case for additional interest rate hikes later in the year.
Investors in China shifted their attention to earnings and economic releases after a U.S. court struck down unilateral tariffs imposed by the U.S. president last month.
China and Hong Kong indexes lacked direction after a mixed batch of earnings. PDD Holdings turned lower amid worries of rising competition, and Xiaomi advanced after a shift to premium products drove revenue and earnings to record highs.
Profit growth at industrial companies in China accelerated in April, as Beijing's measures to shore up economic growth amid trade uncertainties supported business activities.
Japan's consumer price inflation held steady, and the core rate of inflation rose to a two-year high amid elevated food prices. So far the government's efforts to contain rice price increases have failed.
Stock market indexes in China and Hong Kong advanced and extended gains for the sixth consecutive week amid a busy week of initial public offerings in Hong Kong.
Stock market indexes in China and Hong Kong lacked direction, and investors debated the outlook for earnings and the economy. Investors remain cautious amid stretched valuations, trade uncertainties, and weak consumer confidence.
The yen strengthened for the seventh consecutive session amid rising inflow of foreign funds. Japan's annual trade deficit shrank in April after exports rose at the slowest pace in seven months.
