(fxcue news) - Asian stocks ended mixed on Tuesday amid U.S. tariff concerns and ahead of Ukraine peace talks in Saudi Arabia. The U.S. dollar edged up from a two-month low and gold traded firm above $2,900 per ounce after a top Federal Reserve official played down the prospect of Donald Trump's trade war stoking inflation. Oil prices moved up, with WTI futures rising more than 1 percent as OPEC delegates said the group was considering delaying restoring output. China's Shanghai Composite index ended down 0.93 percent at 3,324.49, giving up early gains on optimism that Beijing is shifting its stance to give the private sector a freer hand following a years-long crackdown. Hong Kong's Hang Seng index rallied 1.59 percent to 22,976.81 on AI-related optimism. Japanese markets eked out modest gains, with defense and banking stocks leading the charge. Mitsubishi Heavy Industries rallied 2.7 percent and Kawasaki Heavy Industries jumped 4.7 percent on expectations of increased military spending. Tech stocks such as Advantest and Tokyo Electron gained 3.2 percent and 1.4 percent, respectively. The Nikkei average rose 0.25 percent to 39,270.40 on the back of promising GDP data and speculation around a Nissan-Honda merger. The broader Topix index settled 0.31 percent higher at 2,775.51. Seoul stocks rose notably to extend gains for a sixth consecutive session, with technology stocks leading the surge. The Kospi average jumped 0.63 percent to 2,626.81. Market bellwether Samsung Electronics advanced 1.6 percent. Australian markets slipped for a second straight session as the Reserve Bank struck a note of caution after delivering its first rate cut in four years. The benchmark S&P/ASX 200 dropped 0.66 percent to 8,481, dragged down by banks and energy stocks. The broader All Ordinaries index ended down 0.63 percent at 8,756.70. Banks Commonwealth, NAB, ANZ and Westpac fell 1-3 percent. Beach Energy fell over 1 percent and Woodside Energy Group lost 1.5 percent. New Zealand's benchmark S&P/NZX-50 index slid 0.14 percent to 13,051.12 and the kiwi dollar fell ahead of the Reserve Bank of New Zealand meeting on Wednesday, where the central bank is expected to cut rates by 50 bps and signal further reductions this year to rekindle growth. U.S. markets were closed on Monday for Washington's Birthday.