Asia stocks mixed amid Iran uncertainty, Fed caution; Australia CPI jumps in Q1

Asian equities traded mixed as geopolitical risk from heightened U.S.–Iran tensions and caution ahead of the U.S. Federal Reserve decision kept investor sentiment fragile. Oil remained elevated on Hormuz concerns, adding to inflation worries. Markets also digested a sharp pickup in Australia’s Q1 CPI (1.4% q/q), pushing annual inflation into the mid‑4% range and reinforcing bets the RBA will stay hawkish. Regionally, Australia’s S&P/ASX 200 slipped ~0.3% while Hong Kong’s Hang Seng rose about 1% (Hang Seng TECH +1.5%). China tech was mixed after Hua Hong Semiconductor plunged over 7% on reports of potential U.S. chip export curbs. Overall the piece frames a market backdrop dominated by policy focus, oil-driven inflation risk and geopolitics, producing a cautious, mixed tone across Asian indices.