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China has, for the first time, ‌invoked a law targeting companies that comply with foreign sanctions it rejects, escalating a pushback against the U.S. blacklisting of several oil refineries over purchases of Iranian crude.

Factory activity in China expanded at a slower pace in April but beat expectations, suggesting limited pressure from surging energy prices as the Middle East conflict rumbles on.

The official purchasing managers' index reading of 50.3, was higher than the the 50.1 expected by Reuters-polled economists.

Asian markets began on Wednesday on an uneven footing as investors weighed multiple factors. The sentiment appeared cautious following a technology-led selloff in the United States, fresh concerns about the sustainability of AI spending, and lingering tension surrounding the Iran conflict.

The sectors that could be winners may be those that are closest to the safety net, like healthcare, insurance and eldercare.