This is CNBC's live blog covering Asia-Pacific markets.
Asia-Pacific markets opened mostly higher Wednesday, breaking ranks with major Wall Street benchmarks that declined ahead of key inflation data that could influence the Federal Reserve's interest rate decision.
South Korea reported seasonally adjusted unemployment rate at 2.7% in November, according to Statistics Korea, unchanged from the previous month.
China is reportedly kicking off its annual economic work conference on Wednesday to outline its economic policies and growth targets for next year.
Australia's S&P/ASX 200 started the day 0.31% lower.
Japan's Nikkei 225 as well as the broad-based Topix opened nearly flat.
In South Korea, the blue-chip Kospi rose 0.11% and small-cap Kosdaq jumped over 2%.
Hong Kong's Hang Seng index futures were at 20,435, higher than the HSI's last close of 20,311.28.
Investors await the U.S. consumer price index report for November, due on Wednesday, which could influence the Federal Reserve interest-rate path at its policy meeting from Dec. 17 to Dec. 18.
The closely-watched economic index is forecast to have risen slightly to 2.7% 12-month inflation rate, accelerating by 0.1 percentage point from the previous month, and above the Fed's targeting annual inflation at 2%, according to the Dow Jones estimates.
-- CNBC's Sean Sonlon and Brian Evans contributed to this report.
While stocks may be due for more gains in 2025, Citi believes investors should also brace for more volatility given an uncertain policy outlook and raised valuations.
"We maintain a positive view on US equities headed into 2025," the firm's U.S. equity strategist Scott Chronert wrote. "Ongoing soft landing and Artificial Intelligence tailwinds now interact with Trump policy promise, and risks. Continued broadening beyond Mega Cap Growth impacts is critical but an extended valuation starting point will be an ongoing hurdle."
The strategist has a year-end 2025 base case target for the S&P 500 of 6,500, allowing for gains in the mid-single digits next year. However, his bull case of 6,900 and bear case of 5,100 allow for a broad range of outcomes.
"Our bull and bear case assumptions help frame an expectation for increased volatility next year," Chronert continued.
-- Sean Conlon
The market may likely see more upside over the coming weeks, according to Barclays.
"Momentum seems so strong that a continued rally seems the path of least resistance for the rest of 2024," analyst Ajay Rajadhyaksha wrote in a note this week.
Rajadhyaksha also said bond markets are expected to be "range-bound," given that investors are awaiting more details on President-elect Donald Trump's policies.
-- Sean Conlon
President-elect Donald Trump's tariff plans may not go into effect for some time, according to Wolfe Research's Stephanie Roth.
"We don't expect sweeping tariffs to go into effect until late 2025 -- Republicans are reportedly discussing how to potentially leverage tariff revenue in a broader fiscal package, which increases the odds tariffs happen late in 2025 rather than early," the firm's chief economist wrote.
If a 10% universal baseline tariff and a 60% tariff on Chinese goods coming into the U.S. were to be implemented, Roth estimates the U.S. economy will be hit up to 1.2% in gross domestic product, and inflation will see a boost of 1.1%.
-- Sean Conlon
U.S. Steel shares plunged late Tuesday afternoon on a report that President Joe Biden plans to block the company's acquisition by Japan's Nippon Steel later this month.
U.S. Steel stock was briefly halted due to volatility. The company's shares were down more than 9% after trading resumed.
People familiar with the matter told Bloomberg News that Biden will block the $14.1 billion sale once the Committee on Foreign Investment in the United States submits its review to him by Dec. 22 or Dec. 23.