Investing.com - Shares mostly rose in Asia on Wednesday as China manufacturing data and Australia GDP aided sentiment, but investors mulled a strong law-and-order speech by President Donald Trump to the U.S. Congress that included a crackdown on illegal immigration and repeated call for wall on the border with Mexico, while calling for a vast overhaul of the nation's tax system and increased spending on infrastructure and defense.
The Trump laundry list also included a call for lower drug prices and an unspecified new healthcare coverage plan.
The speech came after a round of Fed comments on a possible March interest rate hike with closely-watched New York Fed President William Dudley, viewed as a close ally of Fed Chair Janet Yellen and a central figure in the Federal Open Market Committee, the most important. Dudley said on CNN International Tuesday afternoon that the "case for monetary tightening has become more compelling."
Investors noted upbeat manufacturing figures from China that set the stage for global growth hopes.
In Japan, the Nikkei 225 rose 0.67% with a weaker yen aiding exporters like Panasonic, which added 1.18% In Australia, the benchmark S&P/ASX 200 eased 0.17% despite the solid PMI data from China, a key trading partner and data from the Australian Bureau of Statistics showed the country's fourth quarter gross domestic product grew 2.4% annually, beating expectations of a 1.9% increase.
In Hong Kong, the Hang Seng index was up 0.19% and on the Mainland, the Shanghai composite was steady to slightly higher.
Overnight, U.S. stocks were lower after the close on Tuesday, as losses in the Consumer Services, Industrials and Technology sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.12%, while the S&P 500 index lost 0.26%, and the NASDAQ Composite index declined 0.62%.
It what was an eventful day for top-tier economic data releases, U.S. equities remained under pressure throughout the session as investors seemed reluctant to support the so-called 'Trump rally.'
Gross domestic product (GDP) rose at a 1.9% annual rate in the final three months of 2016, the Commerce Department said on Tuesday in its second estimate for the period. Analysts expected a 2.1% annual rate increase. The Consumer Confidence Index, which measures consumers’ assessment of current conditions in the U.S., hit 114.8 in February, according to data from The Conference Board. Economist expected the Consumer Confidence index to hit 111 in February.