Asia Markets Live Updates: US Inflation, BOJ Yen

Korean Air said The European Commission on Tuesday approved the merger with Asiana Airlines.

Shares of Korean Air fell 1% in afternoon trading on Wednesday, while Asiana Airlines fell nearly 8%.

The approval was granted on the condition that Asiana Airlines sell its cargo business and divest four overlapping routes between Korea and the European Union.

“These measures are designed to maintain a competitive environment in the relevant markets,” a Korean Air statement said.

Once the merger is complete, Korean Air will need to find a buyer for Asiana's cargo business.

“With EC approval received, Korean Air continues to focus on discussions with the US Competition Commission to conclude the overall merger review processes as soon as possible,” according to Korean Air.

The $1.4 billion deal was first announced in late 2020 and has yet to receive regulatory approval from US authorities.

– Shreyashi Sanyal

The electric vehicle industry is facing fierce competition between investors' favorite Tesla and several Chinese automakers such as BYD.

However, one strategist has his sights set on the broader electric vehicle ecosystem.

“While Tesla is grabbing all the headlines, we don't necessarily think electric automakers will do well,” said David Segara, Morningstar's chief market strategist, naming two under-the-radar companies he likes.

CNBC Pro subscribers can read more here.

– Amala Balakrishna

Japan's yen broke above 150 against the dollar on Wednesday, a seventh consecutive session of weakness.

The country's top currency diplomat Masato Kanda said “recent movements in the foreign exchange market have been brisk” regarding the yen.

According to Reuters, Ganda noted that authorities are monitoring the activity and will “take appropriate action on foreign exchange if necessary.”

The Bank of Japan's exit from negative interest rates and other policy measures is on investors' radar amid expectations of interest rate cuts by the US Federal Reserve this year.

– Shreyashi Sanyal

Investors flock to Japan's markets, repeatedly pushing them to record highs.

However, will its bull run continue and how should investors play this Asian market?

What Wall Street and other pros say, how to invest – including stocks to buy.

CNBC Pro subscribers can read more here.

– Weissen Don

Stock markets fell on Tuesday after a better-than-expected January inflation report.

The Dow Jones industrial average was down 524.63 points, or 1.35%, at 38,272.75. It was the worst day for the 30-share index since March 2023. The S&P 500 fell 1.37% to 4,953.17 and the Nasdaq Composite fell 1.80% to 15,655.60.

– Lisa Kailai Hahn

Oil futures rose on Tuesday even as stubborn inflation in the US dragged down the stock market.

The West Texas Intermediate contract for March delivery was up 95 cents, or 1.24%, at $77.87 a barrel. The Brent contract for April delivery was up 77 cents, or 0.94%, at $82.77 a barrel.

WTI has struggled to break out of a range of around $68 to $78 a barrel amid uncertainty over the war in the Middle East and an unclear supply and demand outlook for the year.

WTI and Brent are up 8.68% and 7.44% year-to-date respectively.

– Spencer Kimball

All 11 sectors that comprise the broader S&P 500 were down at least 1% Tuesday afternoon. Overall, the benchmark index lost around 1.8%.

Real estate stocks led the index lower, with Boston Properties and Alexandria Real Estate equities down 5%. The utilities and consumer discretionary sectors also weighed on the S&P 500, each falling more than 2%.

On the other hand, health care saw the smallest decline with a decline of 1.2%. Losses for the sector were offset by more than 2% rallies in Incyte and McKesson.

– Alex Haring