HONG KONG ? Asian markets were mostly lower Wednesday despite strong Chinese exports figures as dealers took profits on earlier gains while awaiting the release of further key data from Beijing.

China said exports in February rose at their fastest pace for three years, while its trade surplus also soared.

However, dealers were looking to the release of inflation figures on Thursday, which could indicate Beijing's monetary policy.

Most investors are concerned that high price index figures will push the country's leaders towards further credit tightening moves in a bid to stem lending and rein in the booming economy.

Chinese shares fell 0.46 percent in the afternoon, while Hong Kong was off earlier lows to finish the morning session flat.

"Some investors may still prefer to stay on sidelines as more focus seems to be on inflation data due tomorrow," Ci Weixiang, an analyst from Guotai Junan Securities, told Dow Jones Newswires.

China said Wednesday exports grew 45.7 percent on-year last month to $94.5 billion, cementing a turnaround that began in December when a year-long decline ended.

The nation's export data is closely watched for clues to the state of the world's third-largest economy and signs of recovery in crisis-hit markets such as the United States and Europe.

Tokyo stocks were flat, edging down 3.73 points to 10,563.92. Dealers were unmoved by data showing Japanese core private-sector machinery orders, a key indicator of capital spending, fell 3.7 percent in January from the previous month, reversing a 20.1 percent rise in December.

The news was in line with market expectations and still showed a general improvement, Yumi Nishimura of Daiwa Securities Capital Markets said.

Toyota shed 1.4 percent following news of an accelerator-related incident involving a Prius in the United States.

Australian shares also ended flat, edging down 0.10 points, to 4,820, ending an eight-day winning streak.

The index was hit by weakness in the resources sector, with base metals prices dropping. And poorer-than-expected housing data showed a 7.9 percent fall in home loan approvals, instead of a consensus gain of two percent.

BHP Billiton fell 0.4 percent to 43.24 Australian dollars and rival Rio Tinto was down 1.1 percent at 75.35.

Property trust Westfield lost 1.9 percent to 12.07 and Stockland was down 2.6 percent to 4.07.

However, Singapore was up 0.49 percent in the afternoon.

Wall Street gave little for dealers to hold on to, adding just 0.11 percent, although trade and weekly jobless claims are scheduled to be released on Thursday, which could give some indication to the strength of the US economy.

There were still some concerns over the state of eurozone economies, with many dealers worried that Greece's massive debt problems could seep into other European nations.

Portugal said this week it would cut spending, delay investment and sell state assets in an attempt to fix its finances.

Greek Prime Minister George Papandreou said Tuesday that President Barack Obama offered a "positive" verdict on European plans to thwart speculators blamed for deepening Greece's crisis, in talks in Washington.

The euro was almost flat at $1.3599 in Tokyo afternoon trade, compared with 1.3598 in New York late Tuesday, and at 122.49 yen against 122.35. The dollar edged up to 90.07 yen from 89.96.

Oil was mixed in Asia, with New York's main contract, light sweet crude for delivery in April, down four cents to $81.45 a barrel while London's Brent North Sea crude was up nine cents to $80.00.

Gold opened at $1,122.00-1,123.00 an ounce, down from Tuesday's close of $1,123.00-1,124.00.

In other markets:

? Seoul closed flat, with the KOSPI adding 1.41 points to end at 1,662.24.
? Taipei rose 0.11 percent, or 8.49 points, to 7,779.08.

Taiwan Semiconductor Manufacturing Co was 0.16 percent higher at 61.4 amid dull trading.

? Manila closed 0.40 percent, or 12.28 points, higher at 3,119.63, a three-month high.

Figures earlier showed January exports soared 42.5 percent year on year due to a pick-up in world trade.

Philippine Long Distance Telephone Co. added 0.2 percent to P2,680 and Energy Development Corp. rose 3.1 percent to P4.95.

? Wellington closed 0.40 percent, or 12.99 points, higher at 3,226.20.

Telecom rose 1.4 percent to 2.24 New Zealand dollars and Fletcher Building gained 0.4 percent to 8.13, but Contact Energy lost 1.0 percent to 6.09.