Trading floors have been hit by uncertainty since Trump returned to the Oval Office last month announcing a series of tariffs against key trading partners.

While some of the measures have been delayed for negotiations, observers warn the imposition of huge levies on exports to the world's biggest economy could deal a hefty blow to financial markets.

"Traders have been stuck in a game of 'will he or won't he' on sweeping tariffs, with geopolitical allies and rivals alike in the crosshairs," said Stephen Innes of SPI Asset Management.

"The stock market's initial reaction was caution, but as delays, carve-outs, and sabre-rattling mix into an increasingly muddled policy picture, the mood is shifting from calculated hedging to outright confusion."

He added that "tariffs remain one of the biggest risk factors for financial markets".

"For now, the only certainty is uncertainty."

After a tepid lead from Wall Street, Asian equities ended on a mixed note.

Hong Kong was barely moved after last week's rally fuelled by a surge in tech firms following the release of Chinese startup DeepSeek's chatbot.

"DeepSeek proves that China's private sector remains innovative and competitive, and it also shows the possibility for China's continued AI advancement," said analysts at Bank of America Global Research.

Still, the mood in Hong Kong was improved by news that Chinese President Xi Jinping was meeting Alibaba co-founder Jack Ma and other top entrepreneurs this week.

The gathering fuelled hopes of fresh support for the private sector, which has been hit by a series of crackdowns by the government in the past few years, hammering share prices.

Ma's inclusion hints at the billionaire magnate's potential public rehabilitation after years out of the spotlight following a tangle with regulators.

Other participants included Ren Zhengfei -- the founder of tech titan Huawei -- and Wang Chuanfu, who established electric-vehicle giant BYD.

Tokyo edged up as data showed the Japanese economy slowed sharply last year but enjoyed a forecast-topping final quarter thanks to strong exports.

Shanghai, Seoul, Singapore, Taipei, Jakarta and Wellington rose, while Sydney, Mumbai, Bangkok and Manila slipped.

London and Paris fell at the open while Frankfurt edged up.

Investors are also keeping tabs on developments over the Ukraine war after Trump said on Sunday he could meet Russian counterpart Vladimir Putin "very soon", adding he believed he genuinely wanted to stop the fighting.

- Key figures around 0815 GMT -

Tokyo - Nikkei 225: UP 0.1 percent at 39,174.25 (close)

Hong Kong - Hang Seng Index: FLAT at 22,616.23 (close)

Shanghai - Composite: UP 0.3 percent at 3,355.83 (close)

London - FTSE 100: FLAT at 8,735.67

Euro/dollar: DOWN at $1.0478 from $1.0495 on Friday

Pound/dollar: UP at $1.2590 from $1.2587

Dollar/yen: DOWN at 151.80 from 152.25 yen

Euro/pound: DOWN at 83.24 pence from 83.36 pence

West Texas Intermediate: DOWN 0.1 percent at $70.67 per barrel

Brent North Sea Crude: DOWN 0.1 percent at $74.70 per barrel

New York - Dow: DOWN 0.4 percent at 44,546.08 (close)

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