This is CNBC's live blog covering Asia-Pacific markets.
Asia-Pacific markets took a breather after two straight days of rallies, mirroring moves on Wall Street ahead of first-quarter gross domestic product figures from the U.S. due Thursday.
Japan's Nikkei 225 fell 2.16% to lead losses in the region before paring losses, closing at 37,628.48 while the Topix was down 1.74% and closing at 2,663.53. The yen was still trading firmly beyond the 155 mark against the greenback, at 155.63.
The Bank of Japan kicked off its monetary policy meeting Thursday as investors continue to monitor for action against yen weakness. The yen slid past the 155 mark against the U.S. dollar on Wednesday, hitting a fresh 34-year low.
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Investors will also assess South Korea's advance first-quarter GDP growth of 3.4% year on year, the highest quarterly growth since the fourth quarter of 2021.
South Korea's Kospi also slipped 1.76% and ended at 2,628.62, while the small cap Kosdaq fell 1.04% to 853.26.
Chinese indexes bucked the downtrend, however, with Hong Kong's Hang Seng index up 0.39%, while China's CSI 300 advanced 0.25% to finish at 3,530.28.
Money Report
Markets in Australia and New Zealand are closed for a public holiday.
Overnight in the U.S., all three major indexes were largely range bound as interest rate fears dampened the enthusiasm stemming from a strong slate of corporate earnings.
Treasury yields rose, pressuring stocks. At session highs, the benchmark 10-year Treasury note yield topped 4.67%, while the rate on the 2-year note surpassed 4.95%.
The S&P 500 eked out a 0.02% gain, while the Dow Jones Industrial Average fell 0.11%. The Nasdaq Composite edged 0.1% higher.
— CNBC's Brian Evans and Alex Harring contributed to this report.
Nikkei 225 falls 2%, leads declines among Asia stocks
Japan's Nikkei 225 index fell 2.1% in afternoon trading, while the broader Topix index dropped 1.64%.
The benchmark Nikkei 225 has fallen 8.3% from a record high hit in late March.
Investors are waiting for the Bank of Japan's monetary policy decision on Friday. It will be closely watched for inflation outlook against a backdrop of a weakening yen, higher oil prices and strong wage growth.
The yen slipped past 155 against the U.S. dollar on Thursday, touching a new 34-year low.
— Shreyashi Sanyal
Japan's yen tests a new 34-year low as central bank meeting kicks off
The Japanese yen slid past the 155 mark against the U.S. dollar, touching a fresh 34-year low.
The currency last traded at 155.37 against a strengthening greenback.
Japanese authorities have acknowledged the yen's weakness for almost a month but investors are awaiting clearer steps to stem the currency's fall.
The Bank of Japan's monetary policy decision on Friday will be closely monitored for any action against yen weakness as well as forecasts on inflation.
— Shreyashi Sanyal
SK Hynix posts first operating profit in four quarters, stock slides almost 3%
Shares of South Korean chipmaker SK Hynix slid almost 3% despite the company posting its highest operating profit in almost two years.
The chipmaker recorded 2.89 trillion South Korean won ($2.1 billion) in operating profit for the first quarter of 2024, a 734% jump year on year, with net profit coming in at 1.92 trillion won.
Revenue for the fourth quarter came in at 12.43 trillion won, an all-time quarterly high.
SK Hynix explained that this was due to an increase in the sales of AI server products, "backed by its leadership in AI memory technology."
The company also added that it "believes that it has entered the phase of a clear rebound, following a prolonged downturn."
— Lim Hui Jie
South Korea first quarter GDP climbs 3.4%, fastest quarterly growth since Q4 2021
South Korea posted GDP growth of 3.4% in the first quarter, beating the 2.4% expected by economists polled by Reuters and marking its highest quarterly growth since the fourth quarter of 2021.
On a quarter on quarter basis, GDP rose 1.3%, also beating Reuters expectations of 0.6%.
Exports from South Korea in the first quarter rose by 0.9%, as exports of IT items, such as cellular phones, increased. Imports contracted by 0.7%, owing to decreased imports of electronic equipment.
— Lim Hui Jie
CNBC Pro: Standard Chartered doubles down on its prediction that bitcoin will reach $150,000 by the end of the year
Bitcoin is set for more price gains later this year, even after a recent retreat in prices, according to Standard Chartered's top crypto analyst.
Geoffrey Kendrick, head of foreign exchange research, West, and digital assets research at Standard Chartered, said in a research note this week that he sees bitcoin rising to $150,000 per coin, and ether hitting $8,000 by the end of 2024 — doubling down on a bullish prediction from the bank earlier this year.
CNBC Pro subscribers can read more here.
— Ryan Browne
CNBC Pro: 'Greater tailwind than the U.S.': Morningstar strategist is betting on these 7 stocks in Europe
Attractive returns and the breadth of opportunities are among the many reasons why investors have historically preferred to invest in the U.S. over Europe.
One strategist, however is looking keenly at European equities, and notes that "Europe isn't a boring market."
There's a huge element of growth, [and investors] just have to dig a little bit deeper than in the U.S. where it's extremely easy to find the growth names at the moment," Michael Field, Morningstar's Europe Market Strategist said.
"Europe is structuring. If you look at the macroeconomic environment at the moment, there could potentially be a greater tailwind for European equities than those in the U.S." he added, naming stocks he likes right now.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
Stocks could have a strong end to 2024, says strategist Tony Dwyer
Canaccord Genuity chief market strategist Tony Dwyer told CNBC on Wednesday that he is still optimistic about the stock market in 2024 despite the recent swoon.
"Our game plan coming in to this year was to have some corrective action, based upon just a historic run we've had, and we're in the process in that. And I think once you work your way through that, it's going to set up for a really good ending to the year," Dwyer said on "Squawk on the Street."
Dwyer said broader earnings growth should help stocks, as well as the potential for multiple rate cuts this year. The market is currently becoming too pessimistic about rate cuts, he said.
"Just like 7 rate cuts at the end of December was excessive, only one rate cut may be as well," Dwyer said.
— Jesse Pound
5 S&P 500 stocks hit new all-time highs
Though the S&P 500 wavered on Wednesday, the following five stocks in the index reached record highs during Wednesday's session:
Elsewhere, Bank of America, Charles Schwab, Synchrony Financial and Xylem all touched their highest prices in more than a year.
— Alex Harring, Christopher Hayes
Dow Industrials held back the most by Home Depot, McDonald's and J&J on Wednesday
Three stocks are combining to hold back the Dow Jones Industrial Average by a total of 60 points on Wednesday.
Home Depot is taking 26 points off the average, McDonald's is lowering it by 19 points and Johnson & Johnson by about 15 points.
Unlike the capitalization-weighted S&P 500, where larger companies have more of an effect on its calculation and smaller ones have less, the Dow Industrials has relied on individual company share prices since its founding in the 19th century. Today, each $1 move in any stock in the Dow Industrials moves the average higher or lower by 6.59 points.
— Scott Schnipper
