BEIJING (dpa-AFX) - Asian stocks ended mixed on Wednesday, with Chinese and Hong Kong markets declining on earnings concerns while markets elsewhere rose following reports of progress towards renewed U.S.-Iran negotiations.
The U.S. dollar was on the back foot in Asian trade after slipping to a three-week low in the previous session.
Treasury yields edged lower while gold was largely unchanged at $4,121 an ounce on reduced expectations of a Federal Reserve rate hike in October.
Brent crude prices rose about 1 percent to hover near $110 a barrel after witnessing sharp swings in the previous session as investors weighed conflicting headlines on efforts to end the U.S.-Iran war.
China's Shanghai Composite index dropped 0.60 percent to 3,713.03 after CATL reported third-quarter results that fell short of market expectations. Shares of the battery giant plummeted 12 percent. Hong Kong's Hang Seng index fell 0.90 percent to 23,651.87.
Japanese markets closed higher as data showed Japan's exports rose 16.7 percent year-on-year in September, extending growth to a 13th straight month but below the 20.1 percent forecast.
The Nikkei average jumped 0.85 percent to 64,621.24 while the broader Topix index settled 0.86 percent higher at 4,043.73.
Tech stocks rose on renewed optimism over AI demand, with SoftBank Group climbing 1.5 percent and Kioxia Holdings surging 2.8 percent.
Seoul stocks soared, with semiconductor leaders driving the recovery after steep losses in the previous session. The Kospi index rallied 3.29 percent to 5,735.66 on easing concerns over artificial intelligence spending and investments.
Investors also digested data that showed South Korea's producer prices rose 7.7 percent year-on-year in September, easing from a 7.9 percent increase in August.
Market bellwether Samsung Electronics soared 5.7 percent and chip giant SK Hynix surged 5.8 percent following better-than-expected earnings from U.S. AI server maker Super Micro Computer.
Power equipment maker LS Electric added 7 percent after reporting better-than-expected Q3 earnings, driven by robust demand from AI data centers.
Australian markets edged up slightly despite rising oil prices and a hawkish RBA warning. The benchmark S&P/ASX 200 inched up 0.16 percent to 8,831.30, led by banks and communication stocks. The broader All Ordinaries index closed 0.14 percent higher at 8,956.60.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index surged 0.95 percent to 13,761.29, snapping a three-day losing streak ahead of CPI inflation data for the third quarter, which is due on Thursday.
U.S. stocks ended mostly higher overnight as Treasury yields and oil prices dropped, helping moderate inflation expectations.
Oil prices fell more than 2 percent at one point as hopes for diplomatic progress between the U.S. and Iran offset concerns over escalating attacks on tankers and strikes against Saudi Arabia.
Unconfirmed reports suggested that Qatar and Pakistani officials submitted a new peace proposal, offering a 'middle ground' plan that meets the demands of both sides in a bid to prevent further scalation in the Middle East war.
As part of the de-escalation plan, it was said that Iran is considering a proposal to access about $6 billion in frozen Iranian funds in exchange for renewed nuclear inspections.
However, Iran's First Vice President said the country had 'no choice but to exercise sovereignty' over the Strait of Hormuz, exacerbating worries over supply risks.
The Dow rallied 1 percent to reach its best closing level in over a month on the back of strong earnings from industrial and defense companies. The S&P 500 added 0.3 percent while the tech-heavy Nasdaq Composite finished marginally lower.
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