Chinese markets rally

Asian stocks ended mostly higher on Thursday as Nvidia's strong results quelled worries over weakening AI demand. Regional gains, however, remained capped due to Fed independence worries and reports suggesting that the Mexican government is set to raise tariffs on Chinese imports, including cars, textiles, and plastics, as part of its 2026 budget proposal. Elsewhere, Japanese economic revitalization minister Ryosei Akazawa has cancelled his trip to the United States for tariff negotiations between the two countries at the last minute due to technical matters, the government said in a statement. Chinese markets rallied as Nvidia's Chinese competitors surged on optimism about localization efforts. Cambricon Technologies jumped 15.7 percent and SMIC shares surged 11 percent. The benchmark Shanghai Composite index climbed 1.14 percent to 3,843.60.