Asian stocks drift after Wall Street closes another winning week

HONG KONG (AP) — Asian stocks were mostly lower on Monday after Wall Street coasted to the close of another winning week.

U.S. futures were mixed and oil prices fell.

The release of weak Chinese lending data and news that the U.S. government plans to raise tariffs o a raft of Chinese exports were weighing on sentiment.

Japan's benchmark Nikkei 225 shed 0.4% to 38,068.88. The country's first quarter economic growth figures are due to be released on Thursday.

Hong Kong's Hang Seng rose 0.5% to 19,052.14, helped by buying of technology shares.

But the Shanghai Composite index edged 0.1% lower, to 3,151.94, after China's inflation data rose for a third straight month in April, while the producer price index, which measures the cost of factory goods, declined for a 19th month, the National Bureau of Statistics reported on Saturday.

New loans fell to 730 billion yuan ($100 billion) in April from 3.09 trillion yuan in March and total credit declined partly due to a lower level of government bonds being issued. Officials said the data show demand remains weak with the real estate sector still ailing.

There were also reports the Biden administration planning to raise tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China, according to people familiar with the plan. Tariffs on electric vehicles, in particular, could quadruple from 25% to 100%.

These tariffs, which were said to be announced on Tuesday, sparked selling of some automakers. Chinese EV maker BYD'S stock dropped 0.6% and NIO slumped 2%.

South Korea's Kospi fell 0.5% to 2,715.23 and Australia's S&P/ASX 200 lost 0.3% to 7,728.70.

Taiwan's Taiex gained 0.6% after leading computer maker TSMC reported its revenue surged nearly 60% in April from a year earlier. India's Sensex fel 0.9%.

On Friday, the S&P 500 rose 0.2% to 5,222.68 to finish a third straight winning week following a mostly miserable April. Early gains shrank after a discouraging report on U.S. consumer sentiment.

The Dow Jones Industrial Average gained 0.3% to 39,512.84, and the Nasdaq composite edged down by 5.40 to 16,340.87.

The S&P 500 is within 0.6% of its record, helped by revived hopes the Federal Reserve may cut interest rates this year. A flood of stronger-thanexpected reports on profits from big U.S. companies has also helped support the market.