This is CNBC’s live blog covering Asia-Pacific markets.
Asia-Pacific markets were mixed Wednesday as investors assessed China growth and inflation targets, with U.S. tariffs and escalating global trade tensions weighed down sentiment.
Australia’s S&P/ASX 200 fell 0.92%. Australia’s economy expanded 1.3% year on year in the fourth quarter, beating expectations of 1.2% from economists polled by Reuters.
Japan’s Nikkei 225 slipped 0.16% while the Topix dipped 0.15%. South Korea’s Kospi climbed 1.09% while the small-cap Kosdaq advanced 1.26%.
Futures for Hong Kong’s Hang Seng index were at 23,014, higher than the HSI’s last close of 22,941.77.
Investors are also focused on China’s “Two Sessions,” an annual parliamentary gathering, with the meeting of its top legislature, the National People’s Congress, kickstarting Wednesday.
China on Wednesday set its GDP growth target for 2025 at around 5%. The country has also lowered its inflation expectations to “around 2%.”
Trump’s 25% tariffs on goods from Mexico and Canada took effect Tuesday. The president also imposed an additional 10% duty on Chinese goods, bringing the total new tariffs on China to 20%.
Overnight in the U.S., the three major averages closed lower. The Dow Jones Industrial Average tumbled for a second day, dropping 670.25 points, or 1.55% and ended the session at 42,520.99. The S&P 500 dropped 1.22% to close at 5,778.15 after notching its worst day of the year in the prior session. The Nasdaq Composite lost 0.35% and finished at 18,285.16.
—CNBC’s Lisa Kailai Han and Alex Harring contributed to this report.
China targets ‘around 5%’ growth in 2025 as trade worries mount
China on Wednesday set its GDP growth target for 2025 at “around 5%” as it starts its annual parliamentary meeting amid escalating trade tensions with the U.S.
Beijing raised its budget deficit target to expected 4% of GDP, from 3% last year.
The 4% deficit would mark the highest on record going back to 2010, according to data accessed via Wind Information. The prior high was 3.6% in 2020, the data showed.
Read the full story here.
— Evelyn Cheng
Bitcoin erases all of its gain from Trump crypto reserve announcement
A cryptocurrency ATM in Hong Kong, Nov. 6, 2024.
The price of bitcoin failed to recover the $85,000 level — where it traded before President Donald Trump’s announcement of a U.S. crypto reserve sent it soaring — after a sell-off driven by tariff concerns knocked it down.
Bitcoin was last lower by 2% on Tuesday at $83,508.78, according to Coin Metrics, and off its all-time high by 23%.
Coinbase and Robinhood fell 2% and 4%, respectively, in premarket trading. Strategy, formerly known as MicroStrategy, lost 4%.
Investors and analysts warn that economic uncertainty could keep its hold on bitcoin throughout March, with the crypto industry absent a specific catalyst. After reaching its record in January, it posted its worst month since 2022 in February.
For more, read our full story here.
— Tanaya Macheel
Wall Street’s fear gauge rises as tariffs on Canada and Mexico begin
A trader works on the floor at the New York Stock Exchange on Feb. 24, 2025.
Wall Street’s so-called fear gauge, the CBOE Volatility Index (VIX), shot up as President Donald Trump’s tariffs took effect.
The index rose more than 1 point on Tuesday, the first day with Trump’s 25% levies on Mexico and Canada in action. The VIX saw its biggest one-day spike of 2025 on Monday, jumping more than 3 points after Trump reaffirmed plans for the long-awaited import taxes to go forward, which hampered hopes of a last-minute deal.
— Alex Harring
