The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Friday, Feb. 16, 2024. Kosuke Okahara/Bloomberg via Getty Images
This is CNBC's live blog covering Asia-Pacific markets.
Asia-Pacific stock markets mostly fell Wednesday as New Zealand's central bank kept its interest rate steady, while Hong Kong scrapped rules to tighten its property market at its budget announcement.
Hong Kong said it would do away with property curbs in an effort to buoy its real estate sector. Financial Secretary Paul Chan said he expected the economy to grow in a range of 2.5% to 3.5% this year.
Hong Kong's Hang Seng index slipped 1.3%, while the Hang Seng Property index turned negative after jumping nearly 2% earlier in the session.
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The Reserve Bank of New Zealand held its official cash rate at 5.50%{
Reserve Bank of New Zealand holds interest rate at 15-year high
The Reserve Bank of New Zealand kept its main lending rate steady on Wednesday, according to its monetary policy statement.
Money Report
New Zealand's central bank held its official cash rate at 5.50% — a 15-year high.
"Headline inflation remains above the 1% to 3% target band, limiting the committee's ability to tolerate upside inflation surprises," RBNZ governor Adrian Orr said in the statement.
Inflation in the fourth quarter of last year was at 4.7%, far above the central bank's target range.
— Shreyashi Sanyal
China's manufacturing purchasing managers' index reading and the U.S. personal consumption expenditures price index — the Federal Reserve's preferred inflation gauge — are due Thursday.
Australia's S&P/ASX 200 ended about flat at 7,660.40, while New Zealand's benchmark S&P/NZX 50 index closed 0.6% higher at 11,763.32 after the RBNZ decision.
The CSI 300 index fell 1.3% to close at 3,450.26.
Japan's Nikkei 225 ended 0.08% lower at 39,208.03 and the broader Topix inched 0.1% lower to close at 2,674.95. The Nikkei 225 had hit a record high earlier in the week.
South Korea's Kospi closed out gains of 1% at 2,652.29, rising after two straight days of declines. The smaller-cap Kosdaq added 1.1% at 863.39.
The S&P 500 and the Nasdaq Composite ended Tuesday with small gains as investors awaited key inflation data to be released later this week.
The S&P 500 inched up 0.17%, while the Nasdaq added 0.37%. The Dow Jones Industrial Average fell 96.82 points, or 0.25%.
— CNBC's Hakyung Kim and Alex Harring contributed to this report.
Hong Kong scraps property curbs in budget announcement; real estate stocks rally
Hong Kong announced its budget on Wednesday and said it will scrap plans to tighten its property market with immediate effect.
The measures included cancellation of all buy-side property tightening measures for residential properties and waiving of stamp duties payable on the transfer of REIT units.
The Hang Seng Property index jumped nearly 2%, while the broader Hang Seng index dipped 0.3%. New World Development shares jumped nearly 6%, while Hysan Development added 1.4%.
Financial Secretary Paul Chan also said he expected the economy to grow in a range of 2.5% to 3.5% this year.
— Shreyashi Sanyal
Bank of Japan says likelihood of achieving inflation target 'not sufficiently high'
The likelihood of achieving the Bank of Japan's 2% inflation target is "not sufficiently high" yet, said the central bank's executive director Seiichi Shimizu at a parliament session.
Shimizu added he would review the bank's monetary easing when the achievement of the inflation target is in sight, and will continue to keep an eye on wage trends and price data.
Japan's core consumer prices rose at a slower pace in January compared with a year earlier, but the reading was still above Reuters poll expectations of a 1.8% year-over-year increase.
—Reuters, Lee Ying Shan
Reserve Bank of New Zealand holds interest rate at 15-year high
The Reserve Bank of New Zealand kept its main lending rate steady on Wednesday, according to its monetary policy statement.
New Zealand's central bank held its official cash rate at 5.50% — a 15-year high.
"Headline inflation remains above the 1% to 3% target band, limiting the committee's ability to tolerate upside inflation surprises," RBNZ governor Adrian Orr said in the statement.
Inflation in the fourth quarter of last year was at 4.7%, far above the central bank's target range.
— Shreyashi Sanyal
Australia posts flat consumer price growth in January
Australia's consumer price inflation accelerated at the same pace in January as it did in the prior month, official data showed.
The country's CPI rose 3.4% in January, the same growth as in December.
CPI, excluding volatile items and holiday travel, rose 4.1% in January, cooling slightly from December's reading of a 4.2%.
Rental prices rose 7.4% in the 12 months to January, at the same pace as December.
"The rise in rental prices continues to reflect strong demand for rental properties and tight rental markets," the statement read.
— Shreyashi Sanyal
CNBC Pro: Ark Invest says this 'optimal' bitcoin strategy will yield better returns
Bitcoin prices have rebounded since 2023, recovering from steep declines in the couple of years before.
Prices of the cryptocurrency are still rallying. Two weeks ago, it regained its $1 trillion market cap as it hit an over two-year high. On Tuesday, bitcoin prices reached a two-year high of over $56,000.
How much of investors' portfolios should be allocated to bitcoin, and what's the minimum amount of time they should hold the asset for? Here's what Ark Invest says.
CNBC Pro subscribers can read more here.
— Weizhen Tan
S&P 500, Nasdaq Composite close slightly higher Tuesday
The S&P 500 and Nasdaq Composite ended Tuesday's trading session in the green. Meanwhile, the Dow Jones Industrial Average came under pressure.
The S&P 500 and Nasdaq climbed 0.17% and 0.37%, respectively. The Dow slipped nearly 97 points, or 0.25%.
— Hakyung Kim
CNBC Pro: This Big Tech stock has an 'absolutely compelling' valuation, top fund manager says
One Big Tech stock has plummeted over 65% since its all-time high despite growing revenue and earnings.
Andrew Lapping, Ranmore's chief investment officer, believes the stock is now at an "absolutely compelling" valuation for investors.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Current market rally can't be compared to the tech bubble, says Citi's Scott Chronert
While it's true that the current bull rally is being propelled by AI- and tech-adjacent stocks, Citi's Scott Chronert disagrees with comparisons to the great Tech Bubble.
"Current multiples are well below '99-'00 levels. Further, our subjective view is that the fundamental circumstance is meaningfully different now vs then," Citi Research's head of U.S. equity strategy wrote.
However, Chronert cautioned that stock fundamentals still have to support the rally in order to sustain his S&P 500 year-end target of 5,100.
"That said, the current spending ramp on gen AI infrastructure and product will need to translate to incremental revenue and growth drivers. But it is premature to judge that," he added. "While the index may overshoot our year-end 5100 target in the short term, it seems premature to increase the probability of our 5700 bull case scenario."
— Lisa Kailai Han
Apple cancels plans for electric car and leans into generative artificial intelligence, report says
Apple is canceling plans to build an electric car and is instead leaning into generative artificial intelligence, according to a report from Bloomberg News.
Apple scaled back its vision for the EV project last month and moved initial launch date back to 2028 from 2026, Bloomberg added. The company had originally planned for the car to be fully self driving but instead shifted to a semi-autonomous model last month. Some of the employees devoted to Apple's EV project will now work on generative AI, the report added.
Apple stock gained 0.5% following the news.
— Brian Evans
