Asia markets mostly lower as China keeps lending rates steady; investors assess Japan trade data

This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets were mostly lower in choppy trading Wednesday, following a mixed performance on Wall Street amid mounting geopolitical tensions between Ukraine and Russia.

Investors assessed October trade data out of Japan. Export growth came in at 3.1% year over year, topping estimates by economists polled by Reuters and up from a 1.7% drop in September. Import growth also beat estimates at 0.4% but was down from 2.1% the prior month.

Japan's Nikkei 225 fell 0.16% to end at 38,352.34, while the Topix lost 0.43% to 2,698.29.

Hong Kong's Hang Seng Index was up 0.24% in its last hour of trade. Mainland China's CSI 300 rose 0.22% to close at 3,985.77.

China's central bank left its benchmark lending rates unchanged on Wednesday after cutting them in October.

South Korea's Kospi rose 0.42% to end at 2,482.29, while the small-cap Kosdaq fell 0.47% to 682.91.

Australia's S&P/ASX 200 fell 0.57% to end the day at 8,326.3.

Overnight in the U.S., the Nasdaq popped 1.04% to finish at 18,987.47, while the S&P 500 gained 0.4% to end at 5,916.98. The Dow Jones Industrial Average dipped 120.66 points, or 0.28%, to settle at 43,268.94.

Russian President Vladimir Putin warned the U.S. that the threshold for the use of nuclear weapons had lowered, after President Joe Biden allowed Ukraine to use U.S. weapons to strike inside Russia.

Markets came under pressure following reports that Ukraine had hit the Russian border region of Bryansk with U.S.-made missiles.

— CNBC's Samantha Subin and Pia Singh contributed to this report.

UBS Global Wealth Management: Still positive on global markets, valuation ‘cheap’ in Asia

Adrian Zuercher, co-head of global asset allocation at UBS Global Wealth Management, remains positive on global markets and thinks valuation is cheap in Asia, he told CNBC's "Street Signs Asia."

"We think that global growth, particularly U.S. growth, remains solid, and inflation is decelerating," he said, adding that this will lead to the U.S. Federal Reserve cutting interest rates, with other global central banks following the lead.

President-elect Donald Trump's proposed tariffs could be harmful, particularly for Asia, he said. But "The market can deal with it. Valuation is cheap in Asia, growth is holding up, inflation is coming down."

Meanwhile, China has the tools and willpower to introduce more policies to shore up consumer confidence and create upside, he added.

— Dylan Butts

U.S. ‘industrial renaissance’ is fueling a rebound in fundraising, Apollo CEO Marc Rowan says

An "industrial renaissance" in the U.S. is fueling demand for capital, Marc Rowan, CEO of Apollo Global Management said at the Global Financial Leaders' Investment Summit in Hong Kong.

"There is so much demand for capital, [including through debt and equity] ... What's going on is nothing short of extraordinary," Rowan said on Tuesday during a panel discussion. 

This demand has been supported by massive government spending, particularly on infrastructure, the semiconductor industry and projects under the Inflation Reduction Act, said the asset manager, who is reportedly in the running for Treasury Secretary position under President-elect Donald Trump.

"What we're watching is this incredible demand for capital happening against a backdrop of a U.S. government that is running significant deficits. And so the capital raising business, I think that's going to be a good business," he said. 

Read the full story here.

— Dylan Butts

U.S. and Asia are ‘top focus’ in global equities despite Trump risks, says UOB fund manager

Anthony Raza of UOB Asset Management told CNBC's "Squawk Box Asia" Wednesday that his group is positive on U.S. and Asian equities despite looming tariff risks from U.S. president-elect Donald Trump.

"We don't really see that the trade conflict will be that heated. We're kind of working under the assumption that these are threats to get to some sort of deal," he said.

"If there is a deal done, we really like the way Asia is positioned," he added, noting the global economic backdrop looks quite good for both the U.S. and Asia.

— Dylan Butts

Seven & i shares surge on report its founding family is raising over $50 billion to take the firm private

Shares of 7-Eleven owner Seven & i soared nearly 11% on Wednesday after a report said the company's founding family was raising more than $50 billion to take the company private within this fiscal year.

According to a report by Japanese public broadcaster NHK, the founding family will raise over 8 trillion yen ($51.66 billion) from "three Japanese megabanks and major American financial institutions," according to a Google translation of the report in Japanese.

The funds will be used by a special-purpose company to carry out a tender offer for Seven & i shares, with the goal to complete the plan by March 2025. Should this acquisition go through, it will be the largest buyout of a Japanese company to date, NHK said.

Read the full story here.

— Hui Jie Lim

China holds its benchmark lending rates as Beijing assesses stimulus measures

China's central bank on Wednesday kept major benchmark lending rates unchanged, as Beijing assesses the effects of its existing stimulus measures. 

The People's Bank of China said it would keep the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%.

Market watchers polled by Reuters had expected PBOC to keep the lending rates unchanged this month.

Read the full story here.

— Anniek Bao

Japan exports rise more than expected in October, rebounding from 43-month low

Japan's exports posted a 3.1% rise in October compared to a year ago, rebounding from a fall in September that marked a 43-month low.

The climb beat expectations of a 2.2% rise from economists polled by Reuters, and is a reversal from the 1.7% fall in September.

Government data showed that Japanese exports increased the most to the Middle East region, recording a 35.4% rise, compared to the same period a year ago.

Read the full story here.

— Lim Hui Jie

CNBC Pro: Burberry shares are down 40%. One hedge fund manager says the stock offers 'good value' right now

Is it time to buy the dip in luxury retailer Burberry's shares?

The London-listed fashion house told investors earlier this month that it will refocus on heritage designs and statement pieces as part of sweeping revamp plans to revive its ailing fortunes.

Hedge fund manager David Neuhauser made the case on CNBC's Squawk Box Europe this week.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Nasdaq Composite, S&P 500 finish higher

The Nasdaq Composite popped 1.04% to finish at 18,987.47, while the S&P 500 gained 0.4% to end at 5,916.98. The Dow Jones Industrial Average dipped 120.66 points, or 0.28%, to settle at 43,268.94.

— Samantha Subin

Russia lowers threshold for use of nuclear weapons

Russian President Vladimir Putin issued a warning to the U.S., saying the threshold for the use of nuclear weapons has lowered.

"Aggression against the Russian Federation and (or) its allies on the part of any non-nuclear state with the participation or support of a nuclear state is considered as their joint attack," the new doctrine said.

The new stance comes after President Joe Biden allowed Ukraine to use U.S. weapons to strike inside Russia.

— Fred Imbert