Asian Shares Mixed; Chinese And Hong Kong Markets Outperform

(RTTNews) - Asian stocks ended mixed on Wednesday, with Chinese and Hong Kong markets rallying on reports that Chinese authorities are preparing a package of measure to support the country's stock market.

The dollar traded higher in Asian trading ahead of U.S. growth and inflation data due later in the week, while oil seesawed between modest falls and gains.

China's Shanghai Composite index climbed 1.80 percent to 2,820.77 as the country's regulator removed proposed gaming rules from its website in a surprising move. Hong Kong's Hang Seng index jumped 3.56 percent to 15,899.87.

Tech giant Alibaba Group Holding soared 7.3 percent after billionaire co-founder Jack Ma reportedly bought $50 million of Alibaba shares listed in Hong Kong.

Japanese markets ended lower as the yen strengthened after the release of mostly positive economic data and Bank of Japan's hawkish forward guidance.

The country reported its exports surged almost 10 percent in December year-on-year, helped by a revival in trade with China and strong demand for vehicles.

Factory activity shrank for the eighth consecutive month in January, while the services sector saw strong gains.

The Nikkei average dropped 0.80 percent to 36,226.48 while the broader Topix index settled 0.51 percent lower at 2,529.22.

Seoul stocks ended slightly lower, with the Kospi average falling 0.36 percent to 2,469.69 due to profit taking. Heavyweight Samsung Electronics dropped 1.6 percent while trading firm Posco International jumped 3 percent.

Australian markets fluctuated before finishing marginally higher as a survey showed the country's manufacturing sector moved into expansion territory in January.

Miners recovered from a sell-off earlier this month, offsetting losses in the healthcare and financial sectors. Pilbara Minerals soared 5.8 percent after slashing its full-year capital expenditure forecast.

Across the Tasman Sea, New Zealand's benchmark S&P NZX-50 index rose 0.46 percent to 11,856.61 after data showed inflation in the country slowed to its lowest rate in two and a half years in the fourth quarter, matching expectations.

U.S. stocks fluctuated before ending mixed overnight, the dollar index climbed to a six-week high and Treasury yields rose, as investors reacted to a slew of earnings from several big-name companies and waited for key growth and inflation data due later in the week for clues on when the Fed will cut interest rates.

The S&P 500 rose 0.3 percent to reach a new record closing high and the tech-heavy Nasdaq Composite added 0.4 percent while the Dow slipped 0.3 percent.