Asian stocks were mixed in early trades despite Wall Street indices finishing at fresh records overnight following solid American jobs data as US President Donald Trump's sweeping budget bill successfully reached the congressional finish line.

In Hong Kong, the benchmark Hang Seng Index lost 169 points, or 0.7 percent, to open at 23,900.

Across the border, mainland Chinese stocks opened lower, with the benchmark Shanghai Composite Index down 0.05 percent to open at 3,459 while the Shenzhen Component Index opened flat at 10,534.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was up 0.2 percent to open at 2,168.

Further afield, the 225-issue Nikkei Stock Average opened at 39,994.64, up 208.74 points, or 0.52 percent.

The Korea Composite Stock Price Index opened at 3,122.28, up 6.01 points, or 0.19 percent.

Australian shares moved closer to a record high, boosted by technology and financial stocks ahead of an expected interest rate cut by the local central bank next week, though losses in commodity stocks capped gains.

The S&P/ASX 200 index rose 0.2 percent to 8,611 points by midday local time, just 27 points shy of the record high hit on June 11.

The benchmark has gained more than one percent so far this week and is headed for its best week since mid-May. (Agencies)