Asian Shares Mixed As Investors Await Powell's Remarks

(RTTNews) - Asian stocks ended mixed on Wednesday, with Hong Kong markets leading regional gains on hopes of support measures from Beijing during its week-long annual session of parliament.

The dollar held steady ahead of testimony from Federal Reserve Chair Jerome Powell and the ECB rate decision.

Gold was unchanged after hitting record highs on rising bets for a June U.S. interest rate cut.

Oil edged up slightly in Asian trading after a two-session drop on China demand concerns.

China's Shanghai Composite index dropped 0.26 percent to 3,039.93 while Hong Kong's Hang Seng index rallied 1.70 percent to 16,438.09 after China said it would strive to achieve self-sufficiency in technology.

Japanese markets recovered from an early slide to end on a flat note.

The Nikkei average finished marginally lower at 40,090.78 as investors booked profits after recent strong gains. The broader Topix index settled 0.39 percent higher at 2,730.67.

Seoul stocks fell as data showed consumer inflation in the country accelerated in February. The Kospi average dipped 0.30 percent to 2,641.49, dragged down by chemical and technology stocks.

Australian markets ended slightly higher, led by banks. The benchmark S&P/ASX 200 index ended a choppy session up 0.12 percent at 7,733.50 while the broader All Ordinaries index finished marginally higher at 7,990.30.

Investors shrugged off the latest GDP figures showing that the economy barely expanded in the final three months of the year as a result of higher borrowing costs.

ANZ rose about 1 percent as the lender agreed to sell 16.5 percent interest in Malaysian lender AMMB Holdings for about 2.10 billion ringgit ($443.69 million).

Commonwealth Bank of Australia, Westpac and NB all rose about 1 percent as traders priced for the first RBA rate cut in September.

Magellan Financial Group soared 7.9 percent after a February FUM update. Online luxury retailer Cettire, which is facing scrutiny over custom practices, plummeted 14.4 percent.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index rose 0.36 percent to 11,795.90.

U.S. stocks fell sharply overnight to extend losses from the previous session, as investors digested weak economic readings and looked ahead to Fed Chair Jerome Powell's testimony for directional cues.

U.S. services industry growth slowed a bit in February and new orders for manufactured goods dropped more than expected in January, raising concerns about the state of the world's largest economy.

The tech-heavy Nasdaq Composite plunged 1.7 percent to suffer its worst single-day loss in three weeks, while the S&P 500 and the Dow both lost about 1 percent each.