(Changes dateline, updates to Asia open)

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Asian stocks waver as tariff threats sour sentiment

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Hong Kong stocks slip on profit taking

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Benchmark S&P 500 reaches all-time high

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Gold chases record high touched last week

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Investors wait on U.S-Russia talks

By Chibuike Oguh and Ankur Banerjee

NEW YORK/SINGAPORE, Feb 19 (Reuters) - Asian stocks

wavered on Wednesday after the S&P 500 and European shares ended

at record highs, in the face of U.S President Donald Trump's

latest tariff threats on auto, semiconductor and pharmaceutical

imports.

Since Trump's inauguration four weeks ago, Trump has imposed

a 10% tariff on all imports from China, on top of existing

levies. He has also announced, and delayed for a month, 25%

tariffs on goods from Mexico and non-energy imports from Canada.

Trump told reporters on Tuesday that sectoral tariffs on

pharmaceuticals and semiconductor chips would start at "25% or

higher, and it will go very substantially higher over the course

of a year." He intends to impose similar tariffs on autos as

soon as April 2.

Market reaction to Trump's threats were muted as investors

increasingly see them as bargaining tools, although the U.S.

dollar was on the front foot as geopolitical worries, including

tense Russia-Ukraine negotiations boosted safe-haven flows.

"I think people are still trying to digest everything going

on with not only tariffs and how that could impact things but

also general valuations," said Sandy Villere, portfolio manager

at Villere & Co in New Orleans. "We feel like the market is

pretty expensive."

"You've got not only the tariff situation, which I think is

going to be more sabre-rattling and negotiating than anything

long-term," Villere said.

MSCI's broadest index of Asia-Pacific shares outside Japan

fell 0.29% after touching a three-month high

earlier in the session.

Chinese tech stocks have been on a tear recently

as the emergence of AI startup DeepSeek and a meeting between Xi

Jinping and business leaders in the sector lift sentiment.

"Green shoots are emerging in China's economy and DeepSeek

is injecting a shot of adrenaline into the sector," said Thomas

Rupf, co-head Singapore and CIO Asia at VP Bank.

"While trade risks persist, tech optimism remains strong as

the prospect of low-cost AI applications drives a reassessment

of growth potential."

Hong Kong's Hang Seng Index fell 0.3% as investors

pocketed some profits. The index has risen over 13% so far in

2025, jostling with Germany's DAX index for

best-performing market in the world.

KIWI CLIPPED

The New Zealand dollar fell 0.35% to $0.5684 after

the country's central bank flagged a steeper trajectory for

future rate reductions following a 50 basis-point cut to 3.75%

on Wednesday.

The latest easing was in line with expectations but the

central bank is now forecasting the cash rate will drop to 3.4%

in the second quarter of 2025 and to 3.1% by the end of 2025,

lower than November's expectations.

The Australian dollar eased 0.11% to $0.6347 a day

after the central bank delivered its first rate cut since 2020,

but cautioned about the prospects for further easing.

Overnight, the U.S. benchmark S&P 500 squeaked past

its previous record closing high as all three Wall Street

indexes seesawed between gains and losses for much of the

session before rising in the closing minutes.

European shares ended at a record high, with banking and

defence stocks among the top gainers. The pan-European STOXX 600

index hit an all-time high of 557.96.

European leaders vowed to step up support for Ukraine as the

U.S. and Russia held bilateral talks on the war this week.

Investors also hope this weekend's German election will lead to

economic stimulus.

Minutes from the U.S. Fed's January meeting, when the

central bank held borrowing costs at 4.25% to 4.5%, are due

later on Wednesday. That follows hawkish comments from Fed Chair

Jerome Powell in testimony to Congress last week and hot

consumer price data.

Brent crude oil rose 0.11% to $75.92 a barrel as

traders awaited the outcome of the U.S.-Russia talks in Riyadh

and speculated about potential supply increases if Washington

agrees to abandon sanctions on Russian oil.

Spot gold was little changed at $2,933 an ounce,

stalking the record high it touched last week on safe haven

demand.