Australia

Australian shares are set to open higher, with the S&P 500 rising led by gains in utilities stocks.

ASX futures were up 0.3% or 21 points as of 8:30am on Wednesday, suggesting a slightly higher open.

U.S. stocks had a mixed session as tech shares stepped away from the limelight.

The Nasdaq Composite closed up 0.4%, the S&P 500 rose 0.2% and the DJIA fell 0.3%.

In commodity markets, Brent crude oil rose 1.2% to US$83.50 a barrel, while gold was down 0.1% at US$2,029.23.

In local bond markets, the yield on Australian 2 Year government bonds was up at 3.81% while the 10 Year yield was also up at 4.13%. US Treasury notes were mixed, with the 2 Year yield down at 4.71% and the 10 Year yield up at 4.31%.

The Australian dollar hit 65.38 US cents down from its previous close of 65.39. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies, was up at 98.43.

Asia

Chinese shares ended higher as investor sentiment improved amid expectations of further policy support measures. Investors are waiting for the Chinese government's annual plenary sessions in early March, where more supportive policy announcements are expected to be made. Among major stocks, SMIC rose 5.3% and BYD gained 4.1%. Decliners included Bank of Hangzhou, which dropped 0.45% and Ping An Bank, which lost 0.3%. The benchmark Shanghai Composite Index was up 1.3% at 3015.48, the Shenzhen Composite Index was 2.35% higher, while the ChiNext Price Index gained 2.4%.

Hong Kong's Hang Seng Index closed 0.9% higher at 16790.80, marking a second day of gains despite whipsawing through the session. Carmakers and consumer stocks helped drive the gains. Chinese EV maker Li Auto surged 25.5% after earnings beat expectations, while BYD added 5.3%. Among consumer names, Li Ning rose 2.5% and Xiaomi put on 2.9%. Luggage maker Samsonite International rose 14% after a media report said buyout firms and others have expressed takeover interest. Market participants are watching for upcoming Chinese and U.S. economic data, says Sonija Li, head of retail research at Maybank. Hong Kong's budget, which will be delivered Wednesday, is also in focus. The Hang Seng Tech Index closed 3.2% higher at 3503.17.

The Nikkei Stock Average closed virtually flat, advancing 5.81 points to a new record high of 39239.52, as gains in steel and bank stocks helped offset losses in retail and railway stocks. Nippon Steel rose 4.2% and Sumitomo Mitsui Financial Group gained 2.5% while Sumitomo Realty & Development lost 3.2% and Aeon fell 2.6%. The 10-year Japanese government bond yield was flat at 0.685% while the 2-year yield briefly rose to 0.170% earlier, its highest since July 2011, following stronger-than-expected domestic inflation data. Investors are focusing on economic data and their policy implications. USD/JPY was at 150.50, compared with 150.70 as of Monday 5 p.m. Eastern Time.

India's Sensex rose 0.4% to close at 73095.22, lifted by some consumer-related names. Tata Motors led the gainers, ending 2.8% higher. Power Grid Corp. of India added 1.65% and Sun Pharmaceutical Industries rose 1.4%. Among the decliners, Bajaj Finance fell 1.3%, State Bank of India was 1.2% lower and Axis Bank slipped 0.55%. Investors will likely keep an eye on the October-December GDP data due Thursday.

Europe

The pan-European Stoxx Europe 600 index edged up 0.1% to 495.71 as investors turn cautious ahead of U.S. and eurozone inflation data later in the week. "European indices are moving cautiously higher in early trade, following on from a cautious U.S. session that saw big tech lead the declines," said Scope Markets analyst Joshua Mahony. Last week's strong gains after bumper earnings from U.S. AI giant Nvidia are starting to fade, he says. U.S. PCE inflation on Thursday and eurozone inflation data on Friday will be watched for indications on the timing of future interest-rate cuts. Germany's DAX index outperformed, rising 0.4% to a record intraday high while the U.K.'s FTSE 100 and France's CAC 40 were flat.

The FTSE 100 index closed Tuesday largely flat, losing just 1.28 points, or 0.02%, helped by mining companies Anglo American and Antofagasta which rose 2.1% and 1.4%, respectively. "Mining companies did a lot of heavy lifting for the index, as leading commodities consumer China took steps to bolster confidence in its currency and economy," AJ Bell head of financial analysis Danni Hewson said in a market comment. Speciality chemicals company Croda International was among the day's biggest fallers, dropping 3.0% after booking a decline in profit and disappointing guidance.

North America

U.S. stocks had a mixed session as tech shares stepped away from the limelight.

The Nasdaq Composite closed up 0.4%, the S&P 500 rose 0.2% and the DJIA fell 0.3%.

High-riding AI chipmaker Nvidia snapped a three-day winning streak and fell 0.5%.

Norwegian Cruise Line rallied 20% after issuing a surprisingly optimistic profit outlook.

Guidance also boosts clean-energy company Constellation Energy, which rose 17%, helping push the S&P 500 Utilities sector up nearly 2%.