Asian stock markets mixed on banking concerns

Asia-Pacific markets were mixed on Wednesday after banking concerns reignited on Wall Street. Shares in First Republic Bank tumbled more than 49% after the regional bank released its latest quarterly results late on Monday, saying deposits fell 40% to $104.5 billion in the first quarter but have since stabilized. Investors were also eyeing Australia’s inflation figures for the first quarter of 2023, which eased to 7% from a 23-year high of 7.8% in the previous quarter. The S&P/ASX 200 was marginally lower. Japan’s Nikkei 225 fell 0.66% and the Topix fell 0.86%. South Korea’s Kospi edged above the flat line, while the Kosdaq fell 0.18% after the country’s April Consumer Confidence Index rose to 95.1 from 92 in March. Hong Kong's Hang Seng index rose 0.62 percent, while the Hang Seng Tech index added 1.36 percent. Mainland Chinese markets were mixed, with the Shenzhen Component Index up 0.23 percent and the Shanghai Composite Index down 0.31 percent.