[MARKET ANALYSIS] Asia-Pac stocks trade mixed but off worst levels following the tech pressure stateside and as the FOMC looms

APAC Stocks: Mixed

• Asia-Pac stocks trade mixed but have gradually improved from the initial losses seen following the subdued lead from Wall St, where most major indices finished in the red amid renewed tech selling.

ASX 200: +0.5%

• Shrugged off early weakness and edged mild gains with upside led by mining, materials and tech, although gains in the index are capped by losses in energy and defensive sectors.

Nikkei 225: +0.6%

• Clawed back initial losses and printed a fresh all-time high with the index now eyeing a test of the 70,000 level.

Hang Seng & Shanghai Comp: Hang Seng -0.7% / Shanghai Comp -0.2%

• Chinese markets lagged amid losses in auto names and aluminium producers, while they also failed to benefit from a report that the US delayed blacklisting China's DeepSeek and over 100 Chinese firms deemed national security risks. There was also little reaction seen to the PBoC's announcement to add overnight reverse repo instruments and to increase overnight reverse repo operations, as it seeks to improve the efficiency of interest rate transmission.

US Equity Futures: Mildly higher

• Eked slight gains overnight but with upside capped after the recent tech selling and as the FOMC looms.

European Equity Futures -0.2%

• Indicate a mildly weaker cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with gains of 0.5% on Tuesday.