Asian Shares Muted Before Trump's New Tariff Announcement

(RTTNews) - Asian stocks ended on a muted note on Wednesday as caution prevailed ahead of U.S. President Donald Trump's sweeping tariffs announcement expected later in the day.

Treasury yields advanced after a multi-day drop and the dollar held steady, pushing gold prices down from new record highs reached earlier this week.

Oil extended losses on concerns that new U.S. tariffs may drag on global growth and weigh on fuel demand.

China's Shanghai Composite finished marginally higher at 3,350.13 after a choppy session. Hong Kong's Hang Seng index gave up early gains to end marginally down at 23,202.53.

Japanese markets ended slightly higher after a choppy session. The Nikkei average rose 0.28 percent to 35,725.87 while the broader Topix index settled 0.43 percent lower at 2,650.29.

Uniqlo-owner Fast Retailing rallied 3.7 percent and chip-testing equipment maker Advantest climbed 2.6 percent while energy stocks tracked crude prices lower.

Seoul stocks fell notably, with the Kospi average ending down 0.62 percent at 2,505.86. Hyundai Motor, Hyundai Steel and Posco Holdings gave up 1-3 percent.

Australian markets edged up slightly, with property developers, financials and technology stocks pacing the gainers. Mining and energy stocks fell, limiting overall gains in the broader market.

The benchmark S&P/ASX 200 ended up 0.12 percent at 7,934.50 while the broader All Ordinaries index finished marginally higher at 8,133.10.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended flat with a positive bias at 12,320.19.

U.S. stocks fluctuated before finishing higher overnight ahead of the impending tariff announcements, with the Washington Post noting that White House aides have drafted a proposal to impose tariffs of around 20 percent on most imports to the United States, but several options are on the table.

Investors shrugged off data that showed activity in the U.S. manufacturing sector contracted in March after two consecutive months of expansion.

Job openings fell in February, but layoffs remained subdued, adding to evidence of a gradually cooling labor market.

The tech-heavy Nasdaq Composite surged 0.9 percent and the S&P 500 rose 0.4 percent after hitting six-month intraday lows on Monday. The Dow finished marginally lower.