Asian stocks resumed losses on Wednesday as U.S. President Donald Trump pressed ahead with sweeping new global tariffs, including over 100 percent in levies against Chinese goods.
Gold prices regained strength as the dollar weakened on fears of a potential U.S. recession.
The Treasury yield curve steepened, with the two-year note outperforming longer-dated debt amid speculation that the Federal Reserve may need to speed up rate cuts.
China's yuan hit a record low while the Japanese yen and Swiss franc attracted safe haven buying.
Oil prices extended a brutal sell-off to reach their lowest in more than four years on looming demand concerns fueled by the tariffs war between the U.S. and China.
China's Shanghai Composite index jumped 1.31 percent to 3,186.81 as Trump's 104 percent duties on Chinese imports kicked in and Beijing vowed to take resolute and effective measures to safeguard its rights and interests. Hong Kong's Hang Seng index ended 0.68 percent higher at 20,264.49.