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Stock market today: Japan rises on GDP data; rest of region shaky

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Asian shares were trading mixed Wednesday as Japan's benchmark jumped on the news of solid economic growth data, while the rest of the region was mired in uncertainty.

Japan's benchmark Nikkei 225 gained 0.8% to finish at 30,093.59. Australia's S&P/ASX 200 dipped 0.5% to 7,199.20, after a better-than-expected wage increase report. The wage price index rose 3.7% year on year. But that could mean an interest rate hike in coming months, according to some analysts.South Korea's Kospi gained 0.6% to 2,494.02. Hong Kong's Hang Seng lost 1.2% to 19,745.68, while the Shanghai Composite slipped 0.4% to 3,277.07.

On Wall Street, the S&P 500 fell 26.38 points, or 0.6%, to 4,109.90. The Dow Jones Industrial Average dropped 336.46, or 1%, to 33,012.14, and the Nasdaq composite slipped 22.16, or 0.2%, to 12,343.05. Manufacturing and other areas of the economy have already cracked under the weight of much higher interest rates meant to bring down inflation.

Treasury yields in the bond market rose following the reports. The yield on the 10-year Treasury climbed to 3.54% Tuesday, from 3.51% late Monday. It helps set rates for mortgages and other important loans.

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