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Hong Kong stocks rose 65 points or 0.3% to 23,404 in early trade on Wednesday, attempting to rebound from a near two-week low hit the prior day.

Gains were led by tech, consumers, and property, with traders reacting positively to trade data showing that exports and imports in the city rose at their fastest pace in 13 months.

Meanwhile, U.S. futures edged higher after Wall Street logged modest gains overnight ahead of President Trump's April 2 tariff deadline.

In China, Morgan Stanley raised its outlook on mainland stocks for the second time in just over a month, citing improved earnings prospects supporting valuations.

Further gains were capped by caution ahead of February industrial profits in China, set to be released Thursday.

Knitwear manufacturer Shenzhou Intl. surged around 8% to a 12-month high on strong profit growth.

Other movers among large caps included Haidilao Intl.

Hlds. (5.5%), Zhejiang Leapmotor (5.1%), WH Group Ltd. (4.7%), and Kingdee Intl.

Software (4.3%).

Materials stocks jumped 1.24% at midday Wednesday, leading a broad-based rally on the ASX. Australia's consumer price index rose 2.4% in the 12 months to February, following a 2.5% increase in the year to January, according to the Australian Bureau of Statistics, increasing the hopes of interest rate cuts from the Reserve Bank of Australia.

European Metals Holdings reported that the European Commission declared the Cinovec lithium project in Czechia as a strategic project under the Critical Raw Materials Act, which will allow for explicit support from European institutions, including financial institutions. Its shares surged over 106% in recent trade on Wednesday.

Meanwhile, the healthcare sector struggled, falling 0.63%.

Clinuvel Pharmaceuticals said preliminary results from its second clinical study investigating its afamelanotide drug candidate as a treatment for arterial ischaemic stroke showed that it was well tolerated by all nine participants, and all treatment-related adverse events were mild, transient, and consistent with the established safety profile for the drug.

The Shanghai Composite rose 0.2% toward 3,380 while the Shenzhen Component gained 0.1% to 10,660 on Wednesday, recouping losses from the previous session, with mining stocks leading the charge amid stronger metals prices, particularly copper and precious metals.

Top performers in the sector include Zijin Mining (1.3%), North Copper (8%), Jianxi Copper (4.4%), Yunnan Copper (1.2%), and Hangzhou Iron & Steel (1.4%).

Resource-related and metal fabrication companies also surged such as DH Heavy Industries (6.7%), Jiangsu Nanfang (10%), and RongFa Nuclear Equipment (4.1%).

Meanwhile, investors remained cautious ahead of the implementation of US President Donald Trump’s reciprocal tariffs next week, which are expected to hit key industries in China.

The Nikkei 225 Index climbed 0.7% to surpass 38,000, while the Topix Index added 0.6% to 2,814 on Wednesday, marking their second consecutive session of gains.

Japanese stocks followed a strong Wall Street lead overnight, buoyed by hopes of a less aggressive stance on Trump’s reciprocal tariffs.

Meanwhile, investors continued to analyze the Bank of Japan’s monetary policy outlook, after minutes from the January meeting suggested that policymakers remain open to further interest rate hikes.

Consumer stocks led the advance, with strong gains from Nintendo (5.3%), Sony Group (2.9%), and Fast Retailing (1.2%).

Technology also posted notable gains, including Disco Corp (2.3%), Fujikura (1.7%), Dena Co (3.2%), Tokyo Electron (2.1%), and SoftBank Group (0.9%).

Singapore's FTSE Straits Times Index edges 0.1% higher to 3957.18, tracking Wall Street's mild gains overnight. Investors have continued to hope that U.S. President Trump's upcoming reciprocal tariffs will be narrower in scope, Commerzbank Research analysts say in a research report. Markets have also mostly looked past data released overnight that showed weakness in U.S. consumer confidence, the analysts add. Among best performers on the benchmark index, CapitaLand Investment rises 0.7%, SATS Ltd. adds 0.65% and Wilmar International is up 0.6%. Meanwhile, Frasers Centrepoint Trust falls 1.4% and Yangzijiang Shipbuilding sheds 0.8%. (ronnie.harui@wsj.com)

Australia's consumer price index rose 2.4% in the 12 months to February, following a 2.5% increase in the year to January, the Australian Bureau of Statistics reported Wednesday.

The Trading Economics consensus forecast was for a 2.5% print.

Food and non-alcoholic beverage prices rose 3.1%, following a 3.3% increase. Alcohol and tobacco prices went up 6.7%, higher than the 6.4% rise in the prior month. Housing inflation eased to 1.8% from 2.1%.

Annual trimmed mean inflation eased to 2.7% from 2.8%.

Excluding volatile items, such as fruit and vegetables and automotive fuel, consumer prices rose 2.7% in February, compared with the 2.9% increase in January.