(fxcue news) - Asian stocks turned in a mixed performance on Wednesday as official data showed China's industrial profits fell again in October but less sharply than in September. Regional gains were limited by tariff worries as U.S. President-elect Donald Trump picked another China sceptic, Jamieson Greer, to serve as the United States Trade Representative (USTR) and appointed Kevin A Hassett as the director of the White House National Economic Council, key figures in implanting the new administration's economic agenda. Jamieson played a key role during Trump's first term in imposing tariffs on China and others to combat unfair trade practices and replacing the failed NAFTA deal with USMCA. Hassett played a crucial role in helping design and pass the Tax Cuts and Jobs Act of 2017. The dollar was muted in Asian trading amid anxiety about Trump's plans and ahead of the release of U.S. October Core Personal Consumption Expenditures (Core PCE) - Price Index later in the day. Oil and gold prices traded higher as investors assessed the potential impact of a ceasefire deal between Israel and Hezbollah. China's Shanghai Composite index rallied 1.53 percent to 3,309.78 after data showed industrial profit decline eased to 10 percent year-on-year in October from 27.1 percent the previous month. Hong Kong's Hang Seng index jumped 2.32 percent to 19,603.13, rebounding from a two-month low. Japanese markets retreated as a stronger yen weighed on automotive stocks such as Honda Motor, Toyota and Nissan, which fell 3-5 percent. Traders also fretted about the impact of U.S. President-elect Donald Trump's tariff pledges. The Nikkei average fell 0.80 percent to close at 38,134.97 and the broader Topix index finished 0.90 percent lower at 2,665.34. Seoul stocks ended lower, with the Kospi average closing down 0.69 percent at 2,503.06. Chip-related stocks declined, with Samsung Electronics tumbling 3.4 percent and SK Hynix plunging 5 percent due to elevated uncertainty surrounding the U.S. CHIPS Act. Australian markets advanced after data showed consumer price inflation rate in the country stayed at a three-year low in October, prompting analysts to predict a possible 25 basis point cut by May 2025. The benchmark S&P/ASX 200 climbed 0.57 percent to 8,406.70 while the broader All Ordinaries index settled 0.55 percent higher at 8,659.60. Online travel company Web Travel Group jumped 13.5 percent after unveiling its half-year results. Among financials, Commonwealth Bank of Australia and QBE Insurance both rose over 2 percent. Across the Tasman, New Zeeland's benchmark S&P/NZX-50 index jumped 0.76 percent to 13,212.92 as the country's central bank slashed its interest rate by 50 basis points, marking a third straight cut to its benchmark rate, and flagged more substantial easing to boost its struggling economy. U.S. stocks rose overnight as Donald Trump threatened to impose increased tariffs on Mexico, Canada, and China to combat illegal immigration and drugs. Meanwhile, the minutes of the Federal Reserve's latest monetary policy meeting showed that officials favor a gradual approach to lowering rates if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment." The Dow rose 0.3 percent to log another new record closing high and the S&P 500 gained 0.6 percent to extend gains for the seventh straight session while the tech-heavy Nasdaq Composite added 0.6 percent.