In Hong Kong, the benchmark Hang Seng Index opened up 122 points, or 0.5 percent, at 24,789 before falling into loss territory to be 36 points in the red in early trading.
The tech index was 20 points, or 0.47 percent, higher at 4,311 while the China enterprises index was up 36 points, or 0.45 percent, at 8,241.
On the mainland, the Shanghai Composite Index opened down two points, or 0.07 percent, at 3,861.
The Shenzhen Component Index was 11 points, or 0.08 percent, lower at 13,276 while the ChiNext Index inched down one point, or 0.03 percent, to 3,246.
In Tokyo, the Nikkei opened 188 points, or 0.3 percent, higher at 63,672 before reversing direction to go into the red to the tune of being 222 points down at one stage before lunch as investors weighed mixed economic signals.
In Seoul, the Kospi edged 16 points, or 0.24 percent, down to 6,611 before, unlike the Nikkei, going in the other direction to edge up above the breakeven mark to be 17 points higher at one stage before noon.
Overnight on Wall Street, the S&P 500 slumped 0.5 percent, marking its second consecutive day of declines as the yield on the 10-year Treasury bond hit its highest level since 2007.
“US equity markets closed lower overnight as rising Treasury yields, another jump in crude and the polarised debate around pacing AI development left the market in a cautious mood,” said Tony Sycamore, market analyst at IG in Sydney.
The yield on the US 10-year Treasury bond was 0.8 basis points lower at 4.9875 percent in Asian trade after breaching the five percent mark on Tuesday for the first time in three years, ahead of a rate decision from the Federal Reserve and a media conference by Fed Chair Kevin Warsh.
Traders believe that a hike from the Federal Reserve is almost assured, pricing an implied 92.4 percent probability of a 25-basis-point hike when it announces its policy decision, according to the CME Group’s FedWatch tool, compared to a 59.4 percent chance a week ago.
Oil prices slipped as trading resumed in Asia, with Brent crude futures down 0.6 percent at US$108.08 a barrel after rising 2.9 percent on Tuesday after shipping industry sources said crude loadings at Saudi Arabia’s Red Sea export hub of Yanbu had been suspended and Riyadh had cancelled some cargo deliveries to European customers. (Reuters/Xinhua)
