Asian stocks ended mostly lower on Thursday as investors digested weak China bank lending data and awaited crucial U.S.-Russia talks on Ukraine.

U.S. President Donald Trump has threatened 'severe consequences' if Russian President Vladimir Putin refuses to half the war.

China's Shanghai Composite index dipped 0.46 percent to 3,666.44 after a key measure of lending at Chinese banks contracted for the first time in two decades in July.

Hong Kong's Hang Seng index hit a new 2025 high of 25,767 before reversing direction to end 0.37 percent lower at 25,519.32. Tencent Holdings rose about 1 percent after posting better-than-expected second-quarter earnings results.

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