Asian stock markets are mostly lower in thin holiday trading on Wednesday, following the broadly negative cues from global markets overnight, as most of the markets are closed for a labor day holiday. Treasury yields jumped on stronger-than-expected US wage data. Traders also remained cautious ahead of the US Fed's monetary policy decision later in the day.

The Japanese stock market is significantly lower on Wednesday, giving up some of the gains in the previous two sessions, following the broadly negative cues from global markets overnight. The Nikkei 225 is falling to stay a tad above the 38,100 level, with losses across most sectors led by index heavyweights and technology stocks amid a spike in treasury yields.

South Korea posted a merchandise trade surplus of $1.53 billion in April, the Customs Office said on Wednesday.

The manufacturing sector in Japan continued to contract in April, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 49.6.

Australian shares are trading sharply lower on Wednesday, giving up some of the gains in the previous two sessions, with the benchmark S&P/ASX 200 falling below the 7,800 level, following the broadly negative cues from global markets overnight, with losses across most sectors led by mining and energy stocks amid tumbling commodity prices.

The U.S. dollar surged and equities stumbled following the release of the U.S. employment cost index, which revealed a robust 1.2% increase, the sharpest uptick in a year.

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Yen eases from highs as Japanese authorities stay mum on intervention. Dollar creeps higher, euro softer as attention turns to Eurozone economy. Stocks mixed ahead of more key earnings, gold extends losses.

Gold-dollar pair stable; euro-dollar slightly up; pound strengthens; Bitcoin dips. US stocks rise, led by Tesla and Apple. Binance faces lawsuit; key economic events include housing starts, US consumer confidence, and retail sales data.