Asian stocks ended mixed on Wednesday, with mainland Chinese stocks posting strong gains after GDP data for the first quarter beat expectations.
Japanese markets led losses to end lower for a third day running due to concerns over rising bond yields and heightened tensions in the Middle East.
Uncertainty around rate cuts grew after Fed Chair Jerome Powell and Vice Chair Philip N Jefferson indicated that rates are likely to remain higher for longer.
Meanwhile, media reports suggested that Israel\'s response to Tehran could come \'as soon as Monday\'.
The dollar held steady in Asian trading, keeping the yen near 34-year lows as traders recalibrated their rate cut expectations to September from June.
Gold retained its allure as a safe haven asset, trading above $2,380 per ounce. Oil prices slipped around half a percent on demand concerns as industry data showed U.S. crude stockpiles jumped more than expected last week.
China\'s Shanghai Composite index jumped 2.14 percent to 3,071.38 as the country\'s top securities regulator said there won\'t be a surge in delistings as a result of new stock exchange rules. Hong Kong\'s Hang Seng index finished marginally higher at 16,251.84.
Japanese markets fell for a third straight session due to uncertainty around the situation in the Middle East.
Investors ignored data showed that Japanese exports grew more than expected in March.
The Nikkei average slumped 1.32 percent to 37,961.80, marking its lowest closing level since Feb. 14. The broader Topix index settled 1.26 percent lower at 2,663.15.
Chip-testing equipment maker Advantest plunged 4.5 percent ahead of its earnings results due next week. Chemical firm Resonac Holdings surged 12 percent after raising its revenue forecast for 2024.
Seoul stocks fell sharply despite warnings from officials against extreme volatility in the won. The Kospi average dropped 0.98 percent to 2,584.18.
Australian markets ended marginally lower after Rio Tinto reported a 5 percent fall in its first-quarter iron ore shipments, missing estimates. Shares of the mining giant ended little changed while peer BHP gave up 1.2 percent ahead of its quarterly production figures due on Thursday.
Across the Tasman, New Zealand\'s benchmark S&P NZX-50 index rose 0.60 percent to 11,875.35 after data showed headline inflation slowed to its weakest in almost three years.
U.S. stocks fluctuated before ending narrowly mixed overnight. The S&P 500 slipped 0.2 percent to notch its third straight day of losses and the tech-heavy Nasdaq Composite eased 0.1 percent while the Dow rose 0.2 percent to snap a six-session losing streak.
