Most Asian bourses traded in a narrow range on Wednesday, weighed by mixed economic signals and geopolitical jitters. U.S. S&P 500 futures slipped 0.2% in Asia after Wall Street's rally stalled, while Moody's downgrade of U.S. credit and looming trade talks kept investors cautious.

Japan's Trade Deficit Highlights Tariff Drag

Tokyo's Nikkei slipped 0.3% after April's export growth unexpectedly stalled and imports rose following wage gains, resulting in a trade deficit. High U.S. tariffs on Japanese goods were blamed for the shortfall, setting the stage for this week's third round of trade negotiations with Washington.

Australia Extends Rally on RBA Dovishness

The ASX 200 climbed 0.8% to a three-month high, buoyed by energy and gold names as oil and bullion rallied on reports of a possible Israeli strike on Iran's nuclear sites. Tuesday's 25 bp rate cut and dovish commentary from the Reserve Bank of Australia signaled room for further easing—a backdrop traders can track alongside Fed speeches and policy meetings via the Economics Calendar API.

China's Stimulus Boost Meets Chip Dispute

Mainland indexes added roughly 0.5% after the People's Bank cut its lending rates again, reinforcing Beijing's growth-support stance. Yet gains were capped when the Commerce Ministry criticized U.S. curbs on Huawei chips, warning they could unravel last week's trade détente.

Broader Regional Movers

South Korea's KOSPI jumped 1% on tech stock strength, while Singapore's Straits Times dipped 0.2%. To see which stocks are driving volume and price action across Asia, use the Market - Biggest Gainers API for real-time leaderboards.

Key Takeaways:

• Japan's April deficit underscores tariff headwinds; watch U.S. trade talks for tariff rollbacks or escalations.

• Australia's dovish RBA may extend the rally in rate-sensitive sectors.

• China's mixed stimulus and tech-friction narrative will continue to set market tone.