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

Asia-Pacific markets traded higher Wednesday, tracking Wall Street gains on expectations that U.S. President Donald Trump's tariffs could be softer than expected earlier. 

Australia's S&P/ASX 200 rose 0.71% to close at 7,999.

Japan's Nikkei 225 climbed 0.65% to close at 38,027.29 while the Topix added 0.55% to close at 2,812.89. South Korea's Kospi climbed 1.08% to end the trading day at 2,643.94 while the small-cap Kosdaq traded 0.73% higher to close at 716.48.

Thailand's SET Index rose 0.62% after Prime Minister Paetongtarn Shinawatra survived a no-confidence vote earlier in the day.

Hong Kong's Hang Seng Index rose 0.60% to close at 23,483.32 while mainland China's CSI 300 slipped 0.33% to close at 3,919.36. The Hang Seng Tech index, which tracks the 30 largest technology companies listed in Hong Kong is 0.61% higher as it dances around the brink of correction.

According to reports from The Wall Street Journal and Bloomberg, the White House's planned tariffs set for April 2 are expected to be narrow in scope. Trump also on Friday suggested some "flexibility" for his reciprocal tariff plans for trading partners. However, U.S. consumers' confidence is taking a hit.

"As President Trump prepares to escalate the trade war next week, U.S. consumers are increasingly inflation-weary, their finances are more fragile, and they face higher risks in the labor market," Morning Consult wrote in a note, adding that U.S. consumers are expected to cut spending across all income brackets.

U.S. stock futures were little changed after the S&P 500 posted a marginal gain, marking its third positive session in a row.

Overnight in the U.S., all three major averages closed higher. The S&P 500 posted a slim gain, adding 0.16% to close at 5,776.65. The Nasdaq Composite gained 0.46% and ended at 18,271.86. The Dow Jones Industrial Average crept higher by 4.18 points, or 0.01%, to settle at 42,587.50.

—CNBC's Pia Singh and Hayung Kim contributed to this report.

Morgan Stanley lifts targets for China stock index again

Morgan Stanley raised its index targets for China for the second time in 2025 following signs of an earnings beat in the fourth quarter of 2024, as well as brighter outlook for the economy.

The investment bank raised its year-end index forecasts for Hong Kong's Hang Seng Index and MSCI China Index by 9% to 25,800 and 83 points respectively. Morgan Stanley's target for China's CSI300 has also been raised by 8% to 4,220 points.

—Lee Ying Shan

U.S. blacklists over 50 Chinese companies in bid to curb Beijing’s AI, chip capabilities

The U.S. on Tuesday added dozens of Chinese tech companies to its export blacklist in its first such effort under the Donald Trump administration, as it doubles down on curtailing Beijing's artificial intelligence and advanced computing capabilities.

The U.S. Department of Commerce's Bureau of Industry and Security added 80 organizations to an "entity list," with more than 50 from China, barring American companies from supplying to those on the list without government permits.

The companies were blacklisted for allegedly acting contrary to U.S. national security and foreign policy interests, the agency said, as part of its efforts to further restrict Beijing's access to exascale computing tech, which can process vast amounts of data at very high speeds, as well as quantum technologies.

Read the full story here.

— Anniek Bao

Aberdeen sees investment opportunities in China's consumer sector

Aberdeen's deputy head of Asia Pacific equities, Pruksa Iamthongthong, said that she sees investment opportunities in new consumption patterns, such as domestic tourism and delivery services.

"Chinese consumers are not necessarily spending less but are instead finding new ways to consume," she wrote in a note Wednesday.

"Companies like Meituan are at the forefront of this trend, offering innovative services including drone-delivered bubble tea at the Great Wall of China," she added.

Meituan is China's largest food delivery company.

On a broader scope, Iamthongthong also remains bullish on Chinese equities.

"We see Chinese equities as well placed for sustained performance this year, given the resilience of the domestic economy, a stabilizing property market, and the supportive government policies," she said.

—Lee Ying Shan

Thailand prime minister survives no-confidence vote in parliament

Thailand's Prime Minister Paetongtarn Shinawatra survived a no-confidence vote today, after the country's main opposition reportedly accused her of being unqualified and allowing her father to wield influence over her administration.

The opposition People's Party said she was taking direction from her powerful father Thaksin Shinawatra, who was Thailand's prime minister from 2001 to 2006.

Paetongtarn is also the niece of Yingluck Shinawatra, who was Thai prime minister from 2011 to 2014 before she was removed in a coup.

Read the full story here.

—Lim Hui Jie

China's CATL gains approval to list in Hong Kong

China's Contemporary Amperex Technology (CATL), the largest electric vehicle battery producer in the world, reported that it has gained approval for a share sale in Hong Kong.

The deal is expected to raise at least $5 billion, Reuters reported citing sources familiar with the matter. This will mark Hong Kong's largest IPO in four years.

—Lee Ying Shan

Bank of Japan to keep raising rates if growth, inflation meet expectations, governor says

Bank of Japan Governor Kazuo Ueda said that the central bank will keep lifting interest rates if economic conditions and price development trends move in line with the bank's expectations, Reuters reported.

He also noted that Japan's high inflation was driven by temporary factors such as elevated import costs and food prices, which could ease.

—Lee Ying Shan

Australia February inflation eases marginally, below expectations

Australia's inflation for February eased to 2.4% year-on-year, down from the 2.5% seen in January and below expectations from economists polled by Reuters.

The country's statistics bureau said the largest contributors to the annual movement were food and non-alcoholic beverages, alcohol and tobacco, as well as housing.

A note issued by Capital Economics earlier said that the weakness in underlying inflation means the Reserve Bank of Australia will probably cut rates again 25 basis points in its meeting in May, saying this also "creates some downside risks to our forecast that the Bank will only cut rates to 3.6%."

The RBA's policy rate is currently at 4.1%.

— Lim Hui Jie

Stocks end Tuesday in positive territory

The S&P 500 moved 0.16% higher to close at 5,776.65, while the Nasdaq Composite jumped 0.46% to close at 18,271.86. The Dow Jones Industrial Average edged higher by 4.18 points, or 0.01%, to settle at 42,587.50.

— Pia Singh

Energy outperforms in March

Energy, which has climbed 3.2% month to date, is the only positive sector in March.

The top outperformers in the sector are EQT and Expand Energy, which have jumped around 13% and 11%, respectively, for the month.

The energy sector was last up 0.3% Tuesday.

— Hakyung Kim