Asian Shares Mixed Ahead Of Fed Meeting Minutes

(RTTNews) - Asian stocks ended mixed on Wednesday, with mainland Chinese and Hong Kong markets rallying after authorities announced more steps to revive investor confidence.

Markets elsewhere across Asia ended on a subdued note ahead of chipmaker Nvidia's quarter earnings and the FOMC meeting minutes release.

The U.S. dollar tracked global yields lower while gold hit a fresh one-week peak to extend gains for a fifth consecutive session.

Oil edged up slightly in Asian trade as investors awaited key PMI data and U.S. inventory reports for hints on the outlook for demand.

China's Shanghai Composite index jumped 0.97 percent to 2,950.96 after a fresh crackdown on trading by quant funds and amid signs of more targeted support for the country's property sector.

Hong Kong's Hang Seng index climbed 1.57 percent to 16,503.10, driven by gains in the tech sector.

Japanese shares edged lower for a second consecutive session as tech shares sagged ahead of Nvidia's earnings release. Investors ignored data showing that Japan's exports grew much more than expected in January.

The Nikkei average slipped 0.26 percent to 38,262.16 while the broader Topix index settled 0.19 percent lower at 2,627.30. Tech investor SoftBank Group fell nearly 2 percent.

Seoul stocks ended lower ahead of the FOMC meeting minutes release. The Kospi average eased 0.17 percent to 2,653.31. Samsung Life Insurance surged 8.1 percent on expectations of an increase in shareholder value.

Australian markets fell notably, with miners suffering heavy losses as concerns around China's economic recovery pushed iron ore prices to a three-month low.

The benchmark S&P/ASX 200 dropped 0.66 percent to 7,608.40 while the broader All Ordinaries index closed 0.65 percent lower at 7,860. Heavyweights BHP and Rio Tinto fell 2.4 percent and 1.8 percent, respectively.

Figures from the Australian Bureau of Statistics showed earlier in the day that Australian wages grew at the fastest annual pace in 15 years in the fourth quarter.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.17 percent to 11,590.47.

U.S. stocks ended lower overnight as hopes for early rate cuts faded and investors awaited cues from AI-darling Nvidia's earnings results.

The tech-heavy Nasdaq Composite shed 0.9 percent, the S&P 500 dropped 0.6 percent and the Dow eased 0.2 percent.