CANBERA (dpa-AFX) - Asian stocks ended mostly higher on Wednesday even as deteriorating U.S. consumer confidence in the face of tariff fears coincided with economists' forecasts suggesting a risk of stagflation and rising odds of recession.
China's Shanghai Composite ended little changed at 3,368.70 after the Nasdaq Golden Dragon China Index tumbled for a sixth consecutive day, marking its longest losing streak in more than a year.
Hong Kong's Hang Seng index edged up by 0.60 percent to 23,483.32.
Japanese markets advanced after Prime Minister Shigeru Ishiba pledged to take 'strong measures' to counter soaring prices.
'The Prime Minister didn't intend to say we're rolling out new budget spending,' government spokesman Yoshimasa Hayashi told reporters. 'Rather we're going to fully utilize the policies outlined in this year's additional budget and next year's initial budget.'
The Nikkei average climbed 0.65 percent to 38,027.29 while the broader Topix index closed up 0.55 percent at 2,812.89.
Seoul stocks rallied as tech and auto stocks surged amid relief over Trump's recent comments on tariff sanctions.
Investors also cheered the results of a survey that showed Korea's business sentiment rebounded for the first time in five months in March. The Kospi average jumped 1.08 percent to 2,643.94.
Market bellwether Samsung Electronics added 2.7 percent, chip giant SK Hynix advanced 2.9 percent and top automaker Hyundai Motor rose 0.9 percent.
Australian markets rose for a fifth straight session as data showed consumer inflation slowed in February, reinforcing market views for more rate cuts in the months ahead.
The benchmark S&P/ASX 200 climbed 0.71 percent to 7,999, with consumer staple stocks and the big four banks pacing the gainers. The broader All Ordinaries index settled 0.72 percent higher at 8,225.10.
Gold miner Ramelius Resources surged over 6 percent and Spartan Resources rallied 4.9 percent after Macquarie talked up the benefits of their impending merger.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 1.23 percent to 12,334.18, marking its biggest single-day gain since November 22 and extending its winning streak to five sessions.
U.S. stocks ended higher for a third straight session overnight as investors reacted to data showing a dip in consumer confidence for the fourth consecutive month and President Trump's softer tariff plan.
Ratings agency Moody's has warned on the U.S. fiscal outlook, saying Trump's policies could make it more difficult to offset rising deficit and debt.
The tech-heavy Nasdaq Composite gained half a percent, the S&P 500 edged up by 0.2 percent and the Dow finished marginally higher.
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