Chinese shares edge lower on rising trade disputes

Asian shares ended mixed on Wednesday as tariff worries persisted, and a private survey showed China's services activity expanded at a slower pace in January.

Disappointing earnings updates from Google parent Alphabet and AMD also kept investors on tenterhooks.

China's central bank set a stronger-than expected fixing rate for the yuan against the U.S. dollar, contrary to expectations that the People's Bank of China will set a lower rate for the yuan this year to mitigate the impact of new U.S. tariffs on Chinese exporters.

The Japanese yen jumped as upbeat wage and services PMI data raised expectations for more BoJ rate hikes this year.

 

Gold prices hit a new record high amid rising U.S.-China trade tensions and ahead of key U.S. economic data, including the payrolls report due on Friday, which could shed more light on the health of the U.S. economy.

Oil extended losses as OPEC+ plans to gradually increase oil output from April added uncertainty to global energy markets.

China's Shanghai Composite index fell 0.65 percent to 3,229.49 on escalating trade tensions, with the U.S. Postal Service (USPS) announcing a temporary suspension of parcel shipments from China and Hong Kong.

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