In today’s trading session, Asian stocks are showing mixed performance following a decline in most US stocks, driven by stronger expectations that the Federal Reserve is steadfast in maintaining its current rate policies. 

Mixed responses came after Federal Reserve Chairman Jerome Powell stated during today’s event that the central bank has been holding off on reducing its main interest rate, which is currently at its highest level since 2001. The said interest rate will remain until it gains greater assurance that inflation is consistently moving towards its 2% target. 

Market analyst Yeap Jun Rong stated, “Appetite for risk-taking remains weak, with Federal Reserve Chair Jerome Powell validating a later timeline for rate cuts alongside a raft of Fed speakers calling for more patience in easing.”

Chinese Stocks Climbs Following Positive GDP Data 

On Wednesday, China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indices stood out as the top performers in Asia, posting gains of 0.4% and 0.9% respectively. The two indices sustained their momentum after recovering from their lowest levels in five years over the previous two months. 

This week, sentiment towards China brightened following gross domestic product data indicating stronger-than-anticipated growth in the first quarter. However, softer figures in industrial production and retail sales for March hinted at a slowdown in this momentum. 

In addition, the contrasting data also raised expectations that Beijing will continue to implement additional stimulus measures to boost the economy. The Chinese government has also been taking further steps to support the stock market in recent trading sessions. 

Meanwhile, in the afternoon trading session, Japan’s Nikkei 225 declined by 0.5% to 38,296.69. Hong Kong’s Hang Seng index also dropped by 0.2% to 16,219.84, and South Korea’s Kospi remained relatively unchanged, edging down to 2,608.93.

In Australia, the S&P/ASX 200 saw a slight increase of less than 0.1% to 7,618.50. India’s Nifty 50 also went down by 0.56% to 22,147.9.