BANGKOK (AP) — Asian shares were mixed on Wednesday, with Chinese markets gaining after Wall Street extended its losses on worries over inflation and tariffs.
The rally in Chinese shares was led by gains for technology companies. Hong Kong’s Hang Seng jumped 3.4% to 23,811.21, while the Shanghai Composite index added 0.8% to 3,372.74.
Hong Kong-traded shares in food delivery company Meituan surged 10.2%, while e-commerce giant Alibaba gained 5.7%. Gaming and technology company Tencent Holdings advanced 3.4% and search engine and AI company Baidu was up 3.7%.
Such companies have regaining some strength as Beijing has indicated stronger support for the private sector after years of crackdowns on tech companies.
Elsewhere in the region, Tokyo’s Nikkei 225 index shed 0.8% to 37,928.96, as investors sold shares in big Japanese trading companies following gains driven by billionaire Warren Buffett’s disclosure in his annual letter to shareholders that he increased Berkshire Hathaway’s investments in those companies.
The Kospi in Seoul rose 0.4% to 2,641.09.
Australia’s S&P/ASX 200 gave up 0.1% to 8,240.70. In Taiwan, the Taiex gained 0.5%. Thailand’s SET was up 0.9%.
On Tuesday, some of Wall Street’s brightest stars lost more of their shine after a report said U.S. households are getting more pessimistic about the economy.
The S&P 500 fell 0.5% to 5,955.25, falling as much as 1.2% during the day.
The Nasdaq composite sank 1.4% to 19,026.39 as several influential Big Tech companies lost momentum and screeched lower. But the majority of stocks nevertheless rose, which helped the Dow Jones Industrial Average add 0.4% to 43,621.16.
Nvidia fell 2.8%, while Tesla tumbled 8.4%.
Nvidia is due to announce its profit on Wednesday, its first earnings report since a Chinese upstart, DeepSeek, upended the artificial-intelligence industry by saying it has developed a large language model that can compete with big U.S. rivals without having to use the most expensive chips.
That called into question all the spending Wall Street had assumed would go into not only Nvidia’s chips but also the ecosystem that’s built around the AI boom, including electricity to power large data centers.
Weaker than expected economic reports have siphoned away the momentum that took Wall Street to repeated records in recent months.
“What was supposed to be a soft-landing narrative is quickly turning into a hard dose of reality,” Stephen Innes of SPI Asset Management said in a report.
“The U.S. economic backdrop is shifting sharply lower, a stark contrast to the euphoria that defined the start of ’25. And now, investors are scrambling to adjust their positioning on the fly,” he said.
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