BY  ZIMO ZHONG

HONG KONG (AP) — Asian markets were mixed in cautious trading on Wednesday, with most of the regions’ benchmarks climbing after U.S. stocks hit new record highs.

U.S. futures rose while oil prices slipped.

Tokyo’s Nikkei 225 fell 0.6% to 38,719.35 after Japan reported that its trade deficit rose last month as rising costs for imports outpaced an 8% rise in exports from the year before. The data were weaker than analysts had forecast.

Hong Kong’s Hang Seng index gained 0.4% to 19,288.93, led by EV makers including Xpeng, whose shares jumped 13.5% Wednesday on better-than-expected earnings in the first quarter.

The Shanghai Composite index logged slimmer gains, rising less than 0.1% to 3,158.64.

In South Korea, the Kospi edged 0.1% higher to 2,726.35. Australia’s S&P/ASX 200 was up less than 0.1% to 7,855.00.

Taiwan’s Taiex gained 1.2% as shares in market heavyweight Taiwan Semiconductor Manufacturing Corp.