CANBERA (dpa-AFX) - Asian stocks turned in a mixed performance on Wednesday, as investors awaited further progress in U.S.-China trade talks and remained focused on the Brexit negotiations.
Chinese shares soared on stimulus hopes after China's state planner said the government would implement measures to boost domestic consumption.
The benchmark Shanghai Composite index jumped 47.85 points or 1.57 percent to finish at 3,102.10 while Hong Kong's Hang Seng index rose 0.26 percent to 29,037.60.
Investors shrugged off survey data from IHS Markit showing that China's private sector growth weakened marginally in February with softer growth in services activity.
The Caixin composite output index fell to 50.7 in February from 50.9 in January. The services PMI slid to 51.1 from 53.6 a month ago.
Japanese shares fell further from three-month highs as investors fretted about U.S.-China trade issues and fresh tensions on the Korean Peninsula amid signs that North Korea is restoring part of a missile launch site.
The Nikkei average dropped 129.47 points or 0.60 percent to 21,596.81 in the absence of fresh positive catalysts, while the broader Topix index ended down 0.25 percent at 1,615.25.
Kura Corp, which operates some 400 Kura Sushi restaurants in Japan, slumped 9.3 percent after posting disappointing quarterly profit. Defense equipment manufacturer Ishikawa Seisakusho soared 6 percent and Howa Machinery advanced 5.4 percent.
Australian markets ended sharply higher, as miners surged amid signs that China is ramping up stimulus to spur growth.
Investors ignored weak data showing that Australia's GDP growth slowed sharply in the second half of last year. GDP grew an annual 2.3 percent, the slowest pace since mid-2017 and confounding expectations for a 2.5 percent increase.
The benchmark S&P/ASX 200 index rallied 46.30 points or 0.75 percent to 6,245.60 in thin trade while the broader All Ordinaries index ended up 45.40 points or 0.72 percent at 6,326.80.
BHP rose 0.9 percent and Rio Tinto gained 1.1 percent on the back of stronger commodity prices. Gold miners also surged, with Evolution Mining and Newcrest climbing 2-3 percent as gold steadied above five-week lows.
The big four banks rose between 0.2 percent and 0.9 percent as dismal GDP data helped fuel expectations the Reserve Bank of Australia would ease its policy to stimulate the economy.
Infant formula maker Bellamy's Australia soared 4.9 percent after its smaller rival Bubs Australia unveiled plans to form a joint venture in China. Shares of Bubs Australia jumped more than 24 percent.
Embattled department store chain Myer Holdings climbed 11 percent after it swung to a profit in the first half of the year.
Seoul stocks fell slightly on geopolitical tensions after North Korea reportedly restored part of a missile test site. The benchmark Kospi slipped 3.63 points or 0.17 percent to end at 2,175.60.
U.S. President Donald Trump's national security advisor John Bolton has warned that the U.S. will look at ramping up sanctions if Pyongyang fails to give up its nuclear program and everything associated with it.
New Zealand shares ended slightly higher on U.S.-China trade deal optimism. The benchmark S&P/NZX 50 index hit a record high in initial trade before paring some gains to end the session up 15.31 points or 0.16 percent at 9,415.
Overnight, U.S. stocks edged lower as analysts took a more cautious view of the progress in the tariff battle between the world's two biggest economies. Encouraging housing and service sector activity data helped to limit the downside.
The Dow Jones Industrial Average and the S&P 500 edged down around 0.1 percent while the tech-heavy Nasdaq ended little changed with a negative bias.
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