Asian markets experienced a mixed performance on Wednesday, reflecting a cautious mood following a negative session on Wall Street. Investors are searching for fresh catalysts to reignite buying momentum amidst concerns that the recent equities rally may be losing steam.

The tepid performance across the region this week precedes key US data releases, including the Federal Reserve's preferred gauge of inflation and the upcoming corporate earnings season. While the central bank signaled potential interest rate cuts, recent economic indicators and statements from policymakers have raised doubts among some investors.

Tuesday's release of February's durable goods sales indicated continued strength in the US economy, with a slight improvement in consumer confidence. However, concerns linger about future economic outlooks.

Upcoming releases of jobless claims and economic growth data, along with the crucial personal consumption expenditures (PCE) index on Friday, are closely watched. Any significant deviation from expectations in these data points could impact market sentiment.

The impending corporate earnings season next month holds significant weight for investor sentiment, as market valuations are already at lofty levels. Any disappointment in earnings performance or deviation from anticipated Fed policy actions could lead to market turbulence.

In Asian trading, Hong Kong, Shanghai, Seoul, Jakarta, and Wellington registered declines, while Sydney, Singapore, Taipei, and Manila saw gains. Tokyo's market advanced one percent, supported by a weaker yen following remarks from Bank of Japan officials about the continuation of accommodative monetary policies.

Key figures around 0300 GMT:

- Tokyo's Nikkei 225: UP 1.0 percent at 40,804.85
- Hong Kong's Hang Seng Index: DOWN 0.4 percent at 16,556.31
- Shanghai Composite: DOWN 0.5 percent at 3,015.31
- Dollar/yen: UP at 151.92 yen from 151.53 yen on Tuesday
- Euro/dollar: DOWN at $1.0826 from $1.0833
- Pound/dollar: DOWN at $1.2612 from $1.2628
- West Texas Intermediate: DOWN 0.9 percent at $80.91 per barrel
- Brent North Sea Crude: DOWN 1.0 percent at $86.41 per barrel
- New York's Dow: UP 0.1 percent at 39,282.33
- London's FTSE 100: UP 0.2 percent at 7,930.96