(fxcue news) - Asian stocks were mostly lower on Friday amid concerns that U.S. President-elect Donald Trump's fiscal, trade and tariff policies could prompt the Federal Reserve to end its rate-cutting cycle. Oil and gold prices headed for a weekly decline as the dollar and U.S. Treasury yields continued to surge amid expectations for prolonged high U.S. interest rates. China's Shanghai Composite was up 0.3 percent and Hong Kong's Hang Seng index was marginally higher after the People's Bank of India maintained its benchmark lending rates, defying market predictions for a cut. The one-year loan prime rate remained at 3.1 percent, while the five-year LPR held at 3.6 percent. Japan's Nikkei average was up 0.3 percent as the yen hovered near a five-month low amid growing speculation that the Bank of Japan is unlikely to raise interest rates in the near future. In South Korea, the Kospi average fell more than 1 percent and the Korean currency flirted with the lowest level in more than 15 years amid pressure from the domestic political situation and a stronger dollar. Australian markets fell sharply, dragged down by commodity stocks. The benchmark S&P/ASX 200 was down 1.3 percent. Conglomerate Wesfarmers tumbled 3.5 percent after announcing the sale of Coregas to Nippon Sanso for A$770 million. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index traded little changed with a negative bias. U.S. stocks ended flat overnight after steep declines in the previous session on Fed's hawkish tilt. Largely positive data reinforced the Fed's cautious approach to further rate cuts, with weekly initial jobless claims falling more than expected, existing home sales spiking to an eight-month high and Q3 GDP revised to show a 3.1 percent increase from the previously reported 2.8 percent pace. The Dow inched up marginally after hitting its lowest level in over a month the previous day. The tech-heavy Nasdaq Composite and the S&P 500 ended with a negative bias. European stocks hit multi-week lows on Thursday after a hawkish forecast from the Fed and slightly dovish Bank of England rate decision. The pan European STOXX 600 fell 1.5 percent to hit a three-week low. The German DAX dipped 1.4 percent, France's CAC 40 shed 1.2 percent and the U.K.'s FTSE 100 gave up 1.1 percent.