Asian Shares Mixed As Investors Await Fed Minutes

(RTTNews) - Asian stocks ended mixed in range-bound trade on Wednesday as investors waited for cues from AI chip leader Nvidia's earnings and the release of minutes of the Federal Reserve's recent meeting.

Waning optimism over Chinese economic recovery and geopolitical uncertainties also kept investors on the sidelines.

The dollar consolidated as more Fed officials cautioned that sticky inflation could keep rates high for longer.

Gold edged down slightly in Asian trading while oil prices fell over 1 percent after industry data pointed to swelling U.S. stockpiles.

China's Shanghai Composite index fluctuated before finishing marginally higher at 3,158.54. Hong Kong's Hang Seng index slipped 0.13 percent to 19,195.60.

Japanese markets fell notably as trade data disappointed. Japan logged a bigger-than-expected trade deficit in April as exports grew less than expected due to weak demand in countries like China, data showed.

The Nikkei average dropped 0.85 percent to 38,617.10 while the broader Topix index settled 0.81 percent lower at 2,737.36.

Chip-giants Tokyo Electron and Advantest fell around 1 percent while tech investor SoftBank Group rallied 2.4 percent and air-conditioning maker Daikin Industries added 1.5 percent.

Seoul stocks ended on a flat note, with the Kospi average finishing marginally lower at 2,723.46 ahead of the FOMC meeting minutes release. Heavyweight Samsung Electronics fell 0.9 percent while SK Hynix jumped 3 percent.

South Korea's producer prices rose for the fifth consecutive month in April, partially driven by the soaring prices of services and industrial goods, central bank data showed earlier in the day.

Australian markets ended marginally lower after a choppy session. Miners and banks gained ground, offsetting losses among gold miners and energy stocks. Across the Tasman, New Zealand's benchmark S&P NZX-50 index rose 0.48 percent to 11,732.28 as the Reserve Bank of New Zealand held its cash rate steady at 5.5 percent as expected but lifted its forecast peak for rates.

U.S. stocks eked out modest gains overnight as investors digested remarks from Federal Reserve officials and awaited Nvidia's earnings report.

The three major averages rose between 0.2 percent and 0.3 percent, with the S&P 500 and the tech-heavy Nasdaq Composite reaching new record closing highs.