(fxcue news) - 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. 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. Oil drifted lower in Asian trade and headed for a second consecutive weekly decline on concerns about Chinese demand and the global economy. 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. According to media reports, the U.S. was considering stricter trade restrictions against China, especially the country's technology and chipmaking sectors. Japanese markets ended lower despite semiconductor stocks rebounding from recent string of losses. 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. 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. Disco, a maker of chip manufacturing devices, slumped 4.6 percent after posting disappointing financial results. 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. 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. Seoul stocks fell sharply due to speculation over a second Donald Trump presidency and ongoing concerns over the U.S.-China trade war. 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. Australian markets fell notably as lower commodity prices weighed on resource stocks. 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. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index finished marginally lower at 12,325.60. U.S. stocks tumbled overnight as technology stocks extended losses amid fears of new trade tensions with China. 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. The Dow dropped 1.3 percent after closing at record highs in each of the previous two sessions. 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.