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

Asia-Pacific markets traded mixed on Wednesday, following losses on Wall Street and ahead of the Federal Reserve's rate decision.

Investors in Asia assessed trade data out of Japan ahead of a Bank of Japan rate decision this week.

The country's exports grew 3.8% in November year-on-year, beating expectations of a 2.8% increase by economists polled by Reuters. Meanwhile, imports fell by 3.8%, coming in far below expectations of a 1% expansion.

The numbers put Japan's trade balance at a deficit of 117.6 billion yen ($765.2 million), higher than expectations for a deficit of 688.9 billion yen.

Japan's benchmark Nikkei 225 ended the session 0.72% lower at 39,081.71. The broad-based Topix fell 0.31% to close at 2,719.87.

Meanwhile, South Korea's Kospi gained 1.12% to reach 2,484.43, while the small-cap Kosdaq jumped 0.45% to 697.57.

Australia's S&P/ASX 200 traded down 0.06% to end the day at 8,309.4.

Hong Kong's Hang Seng index ticked up 0.95% in its final hour of trade to reach 19,880. Mainland China's CSI 300 was up 0.51% to end at 3,941.89.

The People's Bank of China will set its loan prime rates on Friday. The one-year LPR influences corporate loans and most household loans in China, while the five-year LPR serves as a benchmark for mortgage rates.

Markets are awaiting a rate decision from the Federal Reserve that will come Wednesday in the U.S. Traders are overwhelmingly expecting the Fed to deliver a 25-basis-point, according to the CME's FedWatch tool.

Trading on Tuesday in the U.S. saw the Dow Jones Industrial Average tumble for a ninth straight day, its first since 1978. The 30-stock average slid 267.58 points, or 0.61%, to settle at 43,449.90.

The S&P 500 lost 0.39% and closed at 6,050.61, while the Nasdaq Composite dropped 0.32% to end at 20,109.06.

The Dow's losing streak began the day after it closed above 45,000 for the first time ever earlier in the month and it comes at a time when the broader market is doing well.

The S&P 500 hit a new high on Dec. 6 and sits less than 1% from that level. The Nasdaq hit a record on Monday.

Driving the Dow's losses has been a rotation into technology stocks and out of some of the more old-economy stocks that gained in November following Donald Trump's victory in the U.S. election. 

— CNBC's Brian Evans and Samantha Subin contributed to this report.

Hong Kong records first rise in new listings since 2020, as Beijing’s policy pivot refuels optimism

Hong Kong recorded a notable pickup in listing activities this year, as more Chinese companies turned to the city to raise capital and investors grew optimistic after Beijing pledged to support the offshore market.

The Hong Kong stock exchange saw new listings jump for the first time after three consecutive years of declines, in terms of deal values, according to data compiled by Dealogic. That included initial public offerings and additional follow-on share sales.

The city's bourse raised a combined $10.65 billion across 63 deals this year, marking a significant increase of more than 80% compared to the $5.89 billion raised across 67 in 2023 — which was the lowest since 2001, according to Dealogic. 

As another sign that companies and investors are regaining confidence in Hong Kong's market, the average deal size nearly doubled from the previous year to $169 million.

Read the full story here.

— Anniek Bao

Foxconn said to have approached Nissan to take controlling stake: Bloomberg

Hon Hai Precision Industry Co., the world's largest contract electronics maker, also known as Foxconn, has approached Nissan about acquiring a controlling stake in the automaker, Bloomberg reported Wednesday, citing a person with knowledge of the matter.

The Taiwan-based iPhone manufacturer, which has been shifting into the electric vehicle space, would be interested in the entirety of the struggling Japanese carmaker, not just its plants and equipment, the report added.

The news comes after a media report suggested that Nissan is looking to merge with Honda Motor to better compete and invest in the growing market for EVs.

Nissan and Foxconn did not immediately respond to a request for comment from CNBC.

— Dylan Butts

Congress to vote on new restrictions on U.S. investment in China

Congress is set to vote in the coming days on legislation restricting U.S. investments in China as part of a bill to fund government operations through mid-March, lawmakers said late on Tuesday.

In October, the Treasury finalized rules effective Jan. 2 that will limit U.S. investments in artificial intelligence and other technology sectors in China that could threaten U.S. national security.

The bill expands on those restrictions and also includes other provisions aimed at concerns about China, including a requirement to study national security risks posed by Chinese-made consumer routers and modems and mandate reviews of Chinese real estate purchases near additional national security sensitive sites.

The Chinese Embassy in Washington did not immediately comment.

Read the full story here.

— Reuters

Nissan shares surge 22%, Honda slips 1.2%

Nissan Motor shares surged Wednesday following a media report that the struggling Japanese automaker is looking to merge with Honda Motor, forming a bigger entity that can compete with larger rivals and invest more in the growing market for electric vehicles.

Nissan shares were last trading up 23.7%, while Honda shares slipped 3%.

Honda and Nissan are considering operating under a holding company, and soon will sign a memorandum of understanding, according to a report in the Nikkei newspaper. They also look to eventually bring Mitsubishi Motors, in which Nissan is the top shareholder with a 24% stake, under the holding company, according to the report. Shares of Mitsubishi Motors were last up 19%.

The merger, if successful, will be especially beneficial to Nissan, which had previously announced plans to slash 9,000 jobs and cut global production capacity by a fifth amid fierce competition in its major markets.

Read the full report here.

— April Roach

CNBC Pro: These 6 stocks rose as Nvidia fell into correction territory

Six stocks in the S&P 500 have been inversely correlated to Nvidia's share price moves over the past month, according to analysis by CNBC Pro.

Five of the six stocks have also risen by an average of 6.75% alongside Nvidia's fall from all-time highs.

It comes as Nvidia fell into correction territory this week, meaning it's fallen over 10% from its closing high of $148.88 reached last month.

CNBC Pro subscribers can read more here.

— Ganesh Rao

S&P 500 advance-decline line on 11-day losing streak

The Dow's nearly nine-day losing streak is not the only slump investors should be keeping an eye on.

Larry Benedict of The Opportunistic Trader said the S&P 500's advance-decline line has fallen for 11 straight sessions, its longest streak since at least 2001. The A/D line is a market indicator that compares the number of S&P 500 stocks rising or falling each trading day.

That sign of weak market breadth may be more of a warning sign for investors than the Dow's protracted slide.

"[The Dow]'s only 30 stocks, and really it's not indicative. ... Really I think the A/D line is really a big deal, because that's 500 stocks. That's not 30. That's really much more broad based, and it's really telling the story of the market," Benedict said.

— Jesse Pound