Asian equities were mixed as U.S.-Iran tensions and anticipation of the Fed decision weighed on sentiment, with Australian CPI data spurring rate‑hike bets.
Hua Hong Semiconductor shares plunged over 7% after Reuters flagged possible new U.S. curbs on chip‑making equipment shipments.
Australia’s Q1 CPI rose 1.4% QoQ, pushing annual inflation to the mid‑4% range, reinforcing expectations of further RBA tightening.
Rising oil prices amid Hormuz disruptions kept oil elevated, adding to inflation concerns across markets.