Asia stocks mixed as investors assess China, Australia economic data; yen falls to 34-year low

Shares of iPhone manufacturer Foxconn climbed as much as 5.6% on Wednesday.

Electric-vehicle technology firm Indigo Technologies announced that it had received a strategic investment from Foxconn, which trades in Taiwan as Hon Hai Precision Industry.

Foxconn shares reached an all-time high of 150 New Taiwan dollars per share ($4.69).

The investment will help Indigo develop light-utility electric vehicles designed for ride hail, delivery and autonomous transportation services, according to the company's statement.

— Lim Hui Jie

Bank of Japan will keep an eye on currency moves as well as their effect on the country's economy, Governor Kazuo Ueda reportedly said Wednesday.

"Currency moves are among factors that have a big impact on the economy and prices," Ueda told parliament, according to a Reuters report.

The Japanese yen hit its weakest level against the dollar in about 34 years at 151.97 earlier in the session. It was last trading at 151.72.

Japan's central bank ended its negative interest rate policy after eight years last week and abolished its yield curve control policy.

— Shreyashi Sanyal, Reuters

The Japanese yen hit its weakest level against the greenback on Wednesday in about 34 years, falling to as low as 151.97 before strengthening slightly.

The Yen fell below its previous record low of 151.95 reached in October 2022.

Japanese officials have been issuing strongly worded statements regarding the currency, with finance minister Shunichi Suzuki reportedly saying the country "won't rule out any steps to respond to disorderly FX moves."

— Lim Hui Jie

Australia's consumer price inflation rose 3.4% year over year in February, and has been at that level for three consecutive months, according data released on Wednesday.  

Holiday travel and accommodation prices fell 1.3% year on year in February, driven by declines in domestic travel and accommodation. 

"Although Taylor Swift performances saw hotel prices rise in Sydney and Melbourne, elsewhere, accommodation and airfare prices fell in February due to the end of the peak travel during the January school holiday period," said Michelle Marquardt, head of prices statistics at the Australian Bureau of Statistics.

Data showed that CPI held at a two-year low in February. This is the first inflation reading after the Reserve Bank of Australia said that it could neither "rule in or out further increases in interest rates."

— Shreyashi Sanyal

China's combined industrial profit for January and February climbed 10.2% year on year, according to data from the country's statistics bureau.

State-owned enterprises' profits grew 0.5% in January and February, while foreign firms, including those in Hong Kong, Macau and Taiwan, booked a 31.2% gain in profits.

NBS data also showed profits at private sector companies rose 12.7% year on year.

Industrial profit for 2023 fell 2.3%.

— Lim Hui Jie

Bank of Japan (BOJ) board member Naoki Tamura said Wednesday the central bank must proceed "slowly but steadily" toward normalizing its ultra-loose monetary policy, according to a Reuters report.

Tamura said the ultimate goal for the BOJ is for interest rates to be brought back to levels where they can raised or cut to influence demand and price moves.

The BOJ recently ended its negative interest rate policy after eight years and also abolished its yield curve control policy in a 7-2 vote . Tamura was among those who voted to end the NIRP.

— Lim Hui Jie, Reuters.

Shares of K-Pop agency Hybe Entertainment rose as much as 7.4% after the agency signed an exclusive distribution agreement with Universal Music Group for the next 10 years.

The move brought its share price to the highest level in about three months, with the stock on track for its largest one-day gain since October 2023.

Artists under UMG include Taylor Swift, Ariana Grande and Justin Bieber.

Hybe, which is home to K-Pop sensation BTS, said the agreement allows it access to UMG's network.

UMG will also collaborate with Hybe's fan platform, Weverse, "bringing more of a direct connection between UMG artists and their fandom," the announcement said.

— Lim Hui Jie

India's current account deficit narrowed in the last quarter of 2023 to 1.2% of its gross domestic product, mainly due to the growth in service exports.

The country's current account balance deficit reduced to $10.5 billion, compared with the $11.4 billion in the preceding quarter and $16.8 billion in the same period a year earlier.

A median forecast from economists polled by Reuters expected the deficit at $12.1 billion, or 1.5% of GDP.

The current account deficit indicates that a country imports more than it exports, while a surplus indicates the opposite.

— Lim Hui Jie

As markets remain volatile amid economic uncertainty, many investors are taking a long-term view and looking to exchange-traded funds (ETFs) to position their portfolios.

CNBC Pro asked several finance experts for their top ETF picks to buy and hold this year. Subscribers can read more about the ETF picks here.

— Ganesh Rao

Big U.S. tech companies such as Nvidia, Microsoft and Alphabet have benefited from the artificial intelligence buzz in markets for the past year.

But many smaller firms along the global AI supply chain also stand to benefit.

BofA said in a March 15 note that there's been a "booming" AI market with multiple AI solutions since the second half of 2023.

The bank named various parts of the supply chain that stand to benefit from AI, and its top stocks in each category.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Current investor optimism in equities has been driven largely due to enthusiasm surrounding artificial intelligence, which has created a concentrated market, according to Goldman Sachs. However, while earnings have broadly been strong, cyclical sectors of the market have not yet revised upward.

"Over the near term, markets are likely to continue to oscillate between 'Goldilocks' and 'Reflation flirtation' — while we do expect some rates relief, it is unusual to have rates resetting materially lower as the ISM rebounds and rates moves matter for some pockets," strategist Cecilia Mariotti wrote in a Tuesday note.

Mariotti added that the pro-cyclical areas of the market have historically needed rates relief to outperform the broader market.

— Hakyung Kim

Moody's Ratings placed Boeing's Baa2 senior unsecured rating and Prime-2 short-term rating on review for a potential downgrade. Previously, the rating outlook was stable.

The downgrade review implies Moody's lack of confidence in Boeing's ability to deliver sufficient volumes of its 737 model to expand its free cash flow.

Shares of Boeing fell 1.2% Tuesday.

— Hakyung Kim

Reddit shares popped another 15% on Tuesday as investors scooped up shares of the social media stock following its blockbuster debut on the New York Stock Exchange last week.

The stock surged 48% in its first day of trading, closing above its opening price of $47 a share. Reddit had priced its initial public offering on Wednesday at $34 a share.

Shares jumped 30% during Monday's session.

— Samantha Subin