(RTTNews) - Asian stocks ended mostly lower on Tuesday as U.S.-Iran talks remained at a standstill and investors braced for the earnings releases of the Magnificent Seven companies this week.
Brent crude prices remained elevated above $111 a barrel in Asian trade after reports suggested that U.S. President Donald Trump is not satisfied with the Iranian proposal to reopen the Strait of Hormuz and end the two-month war in exchange for delaying nuclear talks.
The dollar index regained momentum from a one-week low while gold prices fell more than 1 percent to $4,626 an ounce ahead of a string of rate decisions by major central banks, including from the Federal Reserve on Wednesday.
China's Shanghai Composite index slipped 0.19 percent to 4,078.64 as Beijing ordered Meta to unwind its $2billion acquisition of AI startup Manus amid intensifying geopolitical rivalry with the U.S. over artificial -intelligence technology.
CATL shares fell 1.7 percent after the battery maker announced plans to raise $5billion in a share placement.
Hong Kong's Hang Seng index dipped 0.95 percent to 25,679.78, dragged down by major technology stocks.
Japanese markets retreated from recent record highs as the Bank of Japan kept its policy rate steady in a split 6-3 vote and upgraded its inflation forecasts, signaling a gradual normalization path.
The Nikkei average fell 1.02 percent to 59,917.46 while the broader Topix index closed up 0.99 percent at 3,772.19.
Tech stocks lost ground, with SoftBank Group plunging 9.9 percent, Advantest tumbling 5.6 percent and Tokyo Electron declining 4.1 percent after the Wall Street Journal reported that OpenAI has fallen short of its own targets for new users and revenue in recent months.
Seoul stocks extended gains for the 11th consecutive session to clinch another record high in anticipation of solid earnings from major U.S. tech companies this week.
The Kospi briefly topped 6,700 before paring gains to end 0.39 percent higher at 6,641.02. Automakers led the surge, with Hyundai Motor climbing 5.9 percent and its affiliate Kia gaining 2 percent.
Samsung SDI shares soared 7.1 percent after the battery maker posted a smaller-than-expected loss in the first quarter this year.
Australian markets fell notably as investors braced for CPI data on Wednesday and next week's RBA meeting.
The benchmark S&P/ASX 200 dropped 0.64 percent to 8,710.70, extending losses for a sixth straight session, dragged down by mining, technology and healthcare stocks. The broader All Ordinaries index settled 0.62 percent lower at 8,935.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index fell 0.86 percent to 12,764.40.
U.S. stocks fluctuated before ending narrowly mixed overnight. A cautious undertone prevailed as U.S.-Iran peace talks stalled over the weekend and the focus shifted to upcoming earnings from the "Magnificent Seven" companies as well as key central bank meetings, including Jerome Powell's last meeting as head of the U.S. central bank.
The tech-heavy Nasdaq Composite inched up 0.2 percent and the S&P 500 added 0.1 percent to reach new record closing highs, while the narrower Dow slipped 0.1 percent.
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