Asian stocks fell on Friday as higher U.S. tariffs kicked in and a private survey showed China's manufacturing activity returned to contractionary territory in July as a result of softening new business growth.

U.S. President Donald Trump on Thursday confirmed imports from most countries will face a minimum tariff rate of 10 percent, while imports from countries with trade surpluses with the U.S. face duties of 15 percent or higher.

The dollar was little changed in Asian trade after posting its best month of the year in July. Oil prices were steady following Trump's threats to impose 100 percent tariffs on countries importing oil from Russia.

Gold dipped below $3,300 per ounce ahead of the U.S. July jobs report due later in the day, with employment likely to moderate after a June increase. The jobless rate is seen ticking up to 4.2 percent.

China's Shanghai Composite index dropped 0.37 percent to 3,559.95 on worrying signs about the economy's momentum in the period ahead. Hong Kong's Hang Seng index fell 1.07 percent to 24,507.81 on Fed rate jitters and soft Chinese data.

China's factory activity contracted in July as softening new orders forced manufacturers to scale back production and staffing, purchasing managers' survey results from S&P Global showed on Friday. The manufacturing Purchasing Managers' Index fell to 49.5 in July from 50.4 in June. A score below 50.0 indicates contraction.

Powered by Capital Market - Live News