Major stock markets in Asia ended mixed on Wednesday amid concerns over the state of ongoing U.S.-China trade negotiations, after reports emerged that the White House canceled a trade planning meeting with Beijing this week.
The mainland Chinese markets, closely watched in relation to the trade war between Beijing and Washington, saw early gains but eventually lost steam. The Shanghai composite and Shenzhen component both saw slight gains to close at about 2,581.00 and 7,523.77, respectively. The Shenzhen composite rose 0.129 percent to finish its trading day at around 1,316.28.
Hong Kong's Hang Seng index saw fractional losses, as of its final hour of trade.
Officials from the Chinese finance ministry said Wednesday that Beijing will boost fiscal expenditure in 2019 to bolster the country's economy.
China delivered about 1.3 trillion yuan of cuts in taxes and fees in 2018, in a bid to stem a slowdown in the country's economic growth as the country was embroiled in a trade fight with Washington.
Japan's Nikkei 225 shed 0.14 percent to close at 20,593.72 while the Topix index declined 0.60 percent to end its trading day at 1,547.03. Shares of Apple supplier Japan Display soared 18.75 percent, following a report that the company was looking for a bailout after disappointing sales of the iPhone XR. Japan Display supplies the liquid crystal display screens used in the iPhone XR.
Meanwhile, Japanese automaker Subaru saw its stock drop 3.44 percent. The stock moves came after Subaru announced it had halted production at its car factory in Japan due to a defective part.
Japan's central bank kept interest rates steady, as expected. The Bank of Japan also left its forward guidance, a move taken in July to keep interest rates extremely low for an extended period, unchanged.
South Korea's Kospi gained 0.47 percent to close at 2,127.78.
In Australia, the ASX 200 slipped 0.26 percent to finish its trading day at 5,843.70. The energy sector declined by 1.53 percent as oil stocks mostly fell on the back of Tuesday's drop in crude prices. Santos dropped 1.49 percent, Oil Search declined 1.06 percent and Woodside Petroleum fell 1.34 percent.
Oil prices attempted to stage a partial recovery on Wednesday following the losses in the previous session, with international benchmark Brent crude futures rising 0.52 percent to $61.82 per barrel and the U.S. crude futures contract advancing 0.43 percent to $53.24.