Nikkei 225 climbed 1.6%, KOSPI gained 1.3%, Straits Times Index edged 0.3% higher, Nifty 50 dropped 0.4%, the Shanghai Shenzhen CSI 300 and the Shanghai Composite index were largely muted, while Hang Seng slid more than 1%

Asian stock markets were mixed on Wednesday, with Japan and South Korea leading gains while other markets remained subdued.

Australian equities were largely unchanged after the country’s economy posted its strongest annual growth in two years in the third quarter, but quarterly growth fell short of expectations.

Nikkei 225 climbed 1.6%, while KOSPI gained 1.3%.

Straits Times Index edged 0.3% higher, while Nifty 50 dropped 0.4%.

In China, the blue chip Shanghai Shenzhen CSI 300 and the Shanghai Composite index were largely muted. Hong Kong’s Hang Seng slid more than 1%.

Equities dropped after a private survey showed services-sector growth slowed to a five-month low in November, with the services PMI declining to 52.1 from 52.6. The slowdown reflected weaker new orders and continued job contractions, even as export activity showed modest improvement.

In other markets, U.S. stock indexes closed modestly higher overnight, with the tech sector leading gains, while futures tied to them edged higher in Asian trading on Wednesday.

Investors have sharply increased bets on a December rate cut by the U.S. central bank, citing slowing inflation and weaker economic signals. According to the CME FedWatch Tool, the probability of a 25‑basis-point cut has soared above 85%, up from below 40% a week ago.

However, market participants remain cautious, noting mixed signals from central bank policymakers that leave the timing and magnitude of any action uncertain.

Traders are closely monitoring upcoming data releases, including the ADP employment report and the Personal Consumption Expenditures (PCE) price index, the central bank’s preferred inflation gauge.