Asian markets mostly advanced on Wednesday as investors analyzed China’s economic growth and inflation targets while monitoring global trade tensions following new US tariffs on China, Mexico, and Canada.
Despite concerns over escalating trade disputes, key indexes across the region recorded gains.
Japan’s Nikkei 225 climbed 0.37%, with the Topix adding 0.38%.
South Korea’s Kospi gained 1.11%, while the small-cap Kosdaq rose 0.91%.
Hong Kong’s Hang Seng Index surged 1.65%, and China’s CSI 300 edged up 0.32%.
However, Australia’s S&P/ASX 200 bucked the trend, slipping 0.77%, despite data showing the country’s economy grew 1.3% year-over-year in Q4, surpassing expectations of 1.2%, according to a Reuters poll.
China targets 5% growth for 2025
China kicked off its annual parliamentary meeting, the Two Sessions, setting its GDP growth target at approximately 5% for 2025.
Officials also lowered inflation expectations to around 2%, while raising the budget deficit target to 4% of GDP, the highest since 2010.
The revised fiscal strategy comes as Beijing navigates an uncertain economic environment and intensifying trade disputes with the US.
Meanwhile, the latest round of US tariffs on Chinese goods took effect Tuesday, with an additional 10% duty imposed, bringing total new tariffs on China to 20%.
The US also enforced 25% tariffs on imports from Mexico and Canada, adding pressure to global trade flows.
New Zealand’s central bank governor resigns
Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr announced his resignation after a seven-year tenure, with his departure set for March 31.
Deputy Governor Christian Hawkesby will serve as acting governor until the end of March and will chair the Monetary Policy Committee.
A temporary successor will be appointed from April 1 for up to six months.
Bitcoin slides amid tariff concerns
Bitcoin erased its earlier gains from President Trump’s crypto reserve announcement, struggling to hold the $85,000 level as broader market uncertainty weighed on sentiment. The cryptocurrency traded 2% lower at $83,508, down 23% from its all-time high, according to Coin Metrics.
Crypto-related stocks were also under pressure, with Coinbase and Robinhood declining 2% and 4% in premarket trading, respectively.
MicroStrategy (now known as Strategy) fell 4%. Analysts caution that macroeconomic uncertainties may continue to impact Bitcoin’s performance throughout March after the cryptocurrency posted its worst month since 2022 in February.
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