Asia-Pacific markets mostly lower on Wednesday, tracking a fall on Wall Street overnight amid global tariff uncertainty. Traders continued to monitor global trade policy after President Trump's threat to double his planned tariffs on steel and aluminum for Canada. Traders also digested reports that Ukraine had agreed to an immediate 30-day ceasefire with Russia during talks with the U.S. in Saudi Arabia. Japan ( NKY:IND ) rose 0.28% edged up 0.1% to around 36,830, while the broader Topix Index gained 0.8% to 2,692 on Wednesday. BoJ Gov Ueda signals no immediate intervention as JGB yields climb. Japan's producer prices rose 4.0% Y/Y in February 2025 , marking the 48th consecutive month of inflation, following the fastest growth in 20 months of 4.2% in January. Separately, Japan's major companies, Toyota and Hitachi, have agreed to significant wage increases for the third consecutive year to combat rising inflation and alleviate labor shortages, with Hitachi pledging a 6.2% monthly wage increase and Toyota offering bonuses worth 7.6 months' salary. China ( SHCOMP ) fell 0.16% fluctuated around the flatline on Wednesday as investors awaited further policy signals from Beijing following the conclusion of the Two Sessions annual meetings, and the offshore yuan strengthened to around 7.22 per dollar, reaching a four-month-high, supported by a depreciating US dollar. In China, the annual parliamentary gathering concluded Tuesday, approving the central budget for 2025 and adopting a resolution on the 2024 work. Hong Kong ( HSI ) fell 0.70% to 23,813 in a volatile trading session on Wednesday morning after a muted close the day before. India ( SENSEX ) fell 0.26% to 73,920 in the morning trade on Wednesday, after being flat in the previous session. Traders awaited India's February headline inflation data later today. Australia ( AS51 ) fell 1.58% dropping below 7,800 to reach a seven-month low after US President Donald Trump ruled out exempting Australia from his 25% tariffs on aluminum and steel. The Australian dollar hovered around $0.629 on Wednesday, remaining under pressure this week after US President Donald Trump ruled out exempting Australia from his 25% tariffs on aluminum and steel—key exports worth nearly $1 billion. Despite the setback, Australia will not impose reciprocal tariffs on the US and will continue seeking an exemption from the Trump administration's 25% tariffs on steel and aluminum imports, Prime Minister Anthony Albanese said Wednesday. In the U.S., on Tuesday, all three major indexes ended lower amid trade policy uncertainty. U.S. stock futures modestly rise on Wednesday, after a weak day on Wall Street overnight ahead of CPI prints later today: Dow +0.19% ; S&P 500 +0.24% ; Nasdaq +0.28% . Meanwhile, investors now await the U.S. CPI report, due later in the day, to analyze the Federal Reserve’s interest rate path amid escalating trade tensions and economic slowdown fears. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Japan producer prices rise 4% Y/Y in February 2025, as expected Japan Q4 GDP growth revised slightly lower; annualized basis economy expands by 2.2% China’s CPI fell for first time in 13 months, PPI deflation persists China's trade surplus surpass forecasts, exports grow by 2.3% and imports shrink Australia’s trade balance exceeds expectations, export growth accelerates and imports decline
