Economic Indicators and Defense Spending in Focus

Markets in the Asia-Pacific region experienced a mostly upward trend in the afternoon session on Wednesday. This movement was influenced by the release of services PMI data from China and Japan, alongside Australia's GDP figures. In a significant development, Beijing has announced plans to increase defense spending by 7.2% in 2025, aiming for an approximate 5% GDP growth this year.

Market Movements Across the Region

Japan's Nikkei 225 saw a modest increase of 0.19%, while Hong Kong's Hang Seng surged by 2.23%. South Korea's Kospi also added 1.24%. In mainland China, the Shanghai Composite rose by 0.39%, whereas the Shenzhen Composite remained stable. Conversely, Australia's S&P/ASX 200 experienced a slight decline of 0.70%.

Currency Exchange Update

The dollar strengthened against the yen, trading 0.33% higher at 7:30 am CET, with a selling rate of 149.5845.