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

Asia-Pacific markets were mostly lower Wednesday, following a mixed day 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 0.40% in choppy trading, while the Topix lost 0.35%.

Hong Kong's Hang Seng index was was down 0.35%, while Mainland China's CSI 300 fell 0.20%.

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

South Korea's Kospi was up 0.35% while the Kosdaq Index rose 0.30%. Australia's S&P/ASX 200 fell 0.30%.

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.

The market pressure began overnight after Russian President Vladimir Putin warned the U.S. that the threshold for the use of nuclear weapons had lowered, a new stance coming after President Joe Biden allowed Ukraine to use U.S. weapons to strike inside Russia.

Losses then accelerated on reports that Ukraine hit the Russian border region Bryansk with U.S.-made missiles.

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

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

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