- Shares in Asia-Pacific were mostly lower in Wednesday trade.
- The Reserve Bank of New Zealand on Wednesday raised its official cash rate to 0.5%, among the first advanced economies to do so in the pandemic era.
- Mainland Chinese markets remained closed on Wednesday for the holidays.
SINGAPORE — Shares in Asia-Pacific were mostly lower on Wednesday, with major indexes in Japan and South Korea leading losses regionally.
In Southeast Asia, Singapore's Straits Times index bucked the trend, advancing 0.45% as of 3:20 p.m. HK/SIN.
Overall, MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.7%.
Mainland Chinese markets remained closed on Wednesday for the holidays.
"The Committee noted that further removal of monetary policy stimulus is expected over time, with future moves contingent on the medium-term outlook for inflation and employment," the RBNZ said in a release.
Following the rate hike announcement, the New Zealand dollar briefly jumped above $0.697, before retreating from those levels and last trading at $0.6904.
Overnight stateside, the Dow Jones Industrial Average jumped 311.75 points to 34,314.67 while the S&P 500 jumped 1.05% to 4,345.72. The Nasdaq Composite advanced 1.25% to 14,433.83.
Despite Tuesday's gains, all three major averages on Wall Street are still down for the week.
The U.S. dollar index, which tracks the greenback against a basket of its peers was at 94.18 following its bounce earlier in the week from below 93.9.
Correction: This article was updated to accurately reflect the closing moves for South Korea's Kospi on Wednesday.