Asia-Pacific markets are trading mixed as the region looks to China's May trade data and a speech from Reserve Bank of Australia governor Philip Lowe, a day after Australia's central bank defied expectations and raised its benchmark interest rate to its highest in 11 years.
China's trade data missed forecasts, customs data showed. Exports tumbled 7.5% year-on-year, sharply lower than the 0.4% fall expected, while imports saw a smaller fall of 4.5% year-on-year, compared to a 8% fall that was forecast. The country's trade surplus in May was $65.81 billion, down 16.1%.
In Australia, the S&P/ASX 200 fell 0.16% to record a second straight day of losses and end at 7,118, as Australia's gross domestic product grew 2.3% in the first quarter of the year, the slowest rate of growth in 1½ years.
The rally in Japanese stocks seemed to have taken a pause with the Nikkei 225 sliding 1.82% to 31,913.74, leading losses in the region and snapping a four day winning streak. The Topix saw a smaller loss of 1.34% to end at 2,206.3.
South Korea's markets came back from a public holiday all higher, with the Kospi climbing marginally to reach its highest level in about a year at 2,615.6 and the Kosdaq up by 1.2% to close at 880.72.
Hong Kong's Hang Seng index climbed 0.6% in its final hour of trade, while mainland Chinese markets were more mixed. The Shanghai Composite rose marginally to end at 3,197.76, and the Shenzhen Component fell 0.6% to close at 10,708.82 and record its third straight day of losses.
Overnight in the U.S., the S&P 500 and the Nasdaq Composite advanced on Tuesday to their highest closes since 2023 began, as Wall Street digested a recent rally that led the broad index to its highest level in nine months. The Dow Jones Industrial Average saw a smaller gain of 0.03%.
Coinbase dropped more than 12% after the Securities and Exchange Commission sued the crypto company.
— CNBC's Alex Harring contributed to this report
Correction: This blog has been updated to accurately reflect that China's trade surplus in May was $65.81 billion.