(fxcue news) - Asian stocks saw muted gains on Thursday, though Chinese and Hong Kong markets tumbled on worries of a possible trade war between China and the United States in the wake of Donald Trump's return to the White House. Longer-dated U.S. bond yields rose alongside the dollar while gold hit an eight-week low after some Federal Reserve officials shifted their attention back to inflation risks. It is feared that Trump's plan for lower taxes and higher tariffs will stoke inflation, result in larger U.S. deficits and reduce the Fed's scope to ease interest rates during 2025 and beyond. Oil prices were lower in Asian trading amid concerns about rising global output and slow demand growth. China's Shanghai Composite index fell 1.73 percent 30 3,379.84 as growth worries persisted despite the recent stimulus package. Hong Kong's Hang Seng index dipped 1.96 percent to 19,435.81 despite Beijing unveiling tax incentives on home and land transactions on Wednesday to shore up an ailing economy. Tech giant Tencent edged down marginally after Q3 revenue missed expectations. Peer JD.com plunged 4.7 percent and Alibaba gave up 2.9 percent. Japanese markets ended lower in choppy trade despite repeated verbal warnings by government officials about the abrupt decline of the yen, which hit a four-month low against the dollar. The Nikkei average fell 0.48 percent to 38,535.70 while the broader Topix index settled 0.27 percent lower at 2,701.22. Seoul stocks fluctuated before finishing on a flat note. The Kospi average finished marginally higher at 2,418.86. Shares of Samsung Electronics fell 1.4 percent to extend losses after falling to an over four-year low of under 51000 won ($36.24) Wednesday amid worries about the impact of U.S. tariffs under a new Donald Trump administration. Australian markets eked out modest gains after data showed the unemployment rate held steady at 4.1 percent last month but hiring gains slowed. The benchmark S&P/ASX 200 rose 0.37 percent to 8,224, led by banks as RBA Governor indicated that rate cuts are off the table until inflation aligns with target. Technology stocks also advanced, with Xero climbing 5.9 percent on reporting robust quarterly results. The broader All Ordinaries index closed 0.34 percent higher at 8,479.90. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index closed up 0.15 percent at 12,692.94. U.S. stocks fluctuated before ending mixed overnight as longer-dated Treasury yields rose amid expectations that the Fed may not reduce rates as much as previously thought. Data showed the consumer price index rose 0.2 percent for the fourth straight month in October, matching expectations. The annual rate of consumer price growth accelerated to 2.6 percent from 2.4 percent in September, while the core consumer price inflation rate stood at a three-month high of 3.3 percent, unchanged from September. The tech-heavy Nasdaq Composite shed 0.3 percent while the S&P 500 and the Dow crept up marginally.