Asia markets mostly dip as Tesla's bleak outlook drags down shares of its suppliers and other EV firms
This is CNBC's live blog covering Asia-Pacific markets.
China stocks eked out gains a day after the country's central bank cut reserve requirements for lenders, while shares of electric vehicle makers and suppliers of Tesla in Asia-Pacific fell after the U.S. EV leader warned of bleak volume growth.
The People's Bank of China announced that it would reduce the amount of funds its banks are required to hold as reserves early next month in a bid to boost its struggling economy.
Reserve ratio requirements for banks will be cut by 50 basis points from Feb. 5, which will provide 1 trillion yuan ($139.8 billion) in long-term capital, according to PBOC governor Pan Gongsheng.
Hong Kong's Hang Seng index index reversed losses to climb 1.4%, while China's CSI 300 rose 1.27%.
Shares of EV makers fell, with Nio falling 7%, Li Auto down 4.7% and BYD sliding 2.9%. LG Display led declines in Tesla suppliers, down 4%.
Tesla warned that vehicle volume growth in 2024 "may be notably lower" than last year.
China's Shenzhen Composite index, which includes Tesla suppliers, jumped 2.06%.
South Korea's GDP grew 2.2% year on year in the fourth quarter and 0.6% compared with the previous quarter, beating expectations from a Reuters poll of 2.1% and 0.5%, respectively.
Japan's Nikkei 225 was flat and the broad based Topix gained marginally, while South Korea's Kospi was marginally down and the small-cap Kosdaq dropped 1.08%.
In Australia, the S&P/ASX 200 rose 0.11%.
Overnight in the U.S., the S&P 500 rose Wednesday as Netflix led a broader rally among technology names, pushing the broader market to new heights. Netflix shares surged more than 10% after the streamer said its total subscriber count hit an all-time high of 260.8 million.
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