Chinese shares fell to their lowest level in five years, while Australian shares broke all-time records on Wednesday, January 31.
The S&P/ASX 200 rose 1.06% and closed at 7680.7, surpassing the previous record of 7632.8 set on August 13, 2021.
This comes after the country's fourth-quarter inflation rate was lower than expected at 4.1%, its lowest level since the quarter ending in December 2021.
China's CSI 300 index fell to its lowest level in five years, falling 0.91% to close at 3,215.35 after manufacturing activity in China contracted for the fourth straight month in January, with the official manufacturing purchasing index at 49.2. The Hang Seng Index in Hong Kong fell by 1.78%.
Other Asia-Pacific markets were mixed. Japan's Nikkei 225 closed up 0.6% at 36,286.71, while the Topix also finished up nearly 1% at 2,551.10.
South Korea's Kospi fell 0.07% to 2,497.09, while the small-cap Kosdaq saw a larger loss of 2.4% to close at 799.24.
The moves come after electronics heavyweight Samsung reported a 34% year-on-year decline in operating profit in the fourth quarter, in addition to a 73.4% decline in net profit in the same period. Samsung shares fell by 2.15%.
Overnight in the United States, the three major indices ended the day on a mixed note, as Wall Street also awaited the US Federal Reserve's latest decision on interest rates.
The Fed funds futures market has priced in a 97% probability that the US Federal Reserve will leave interest rates unchanged, according to the CME FedWatch tool.
The S&P 500 Index fell 0.06%, while the Nasdaq Composite Index fell 0.76%. In contrast, the Dow Jones Industrial Average rose 0.35% to close at 38,467.31, recording its seventh record close this year.
