Asian shares ended higher Wednesday, with mining and metal shares lifting China's benchmark index to its highest close this year while banks and property stocks helped boost Hong Kong and Taipei.
Japan's Nikkei 225 index regained 40.71 points, or 0.4%, to end the session at 9,590.32
In Hong Kong, the Hang Seng Index picked up 353.78 points, or 2%, to 17,892.15.
The mood was tinged with hesitancy ahead of a meeting of the U.S. Federal Open Market Committee later Wednesday, which was expected to give fresh clues to the direction of the U.S. economy.
The central bank was expected to leave interest rates on hold, but there was uncertainty on what it might say in its post-meeting statement on when, or if, it might start to unwind its policy easing.
Property stocks higher on growing expectations the Fed will leave interest rates unchanged at their current low levels for an extended period. Sun Hung Kai Properties rose 3.4%
In Taiwan, banks gained on expectations authorities could unveil as early as Thursday plans that will eventually allow China's Qualified Domestic Institutional Investors to invest in Taiwan's stock and futures markets, and let Taiwan banks upgrade their representative offices in China to bank branches.
Cathay Financial Holding, Taiwan's biggest financial services provider by assets, gained 6.9%, while Fubon Financial Holding advanced 5.2%.
Taiwanese property stocks also gained on reports Taipei County, Taichung County and Kaohsiung County and City would be upgraded into municipalities, potentially giving a lift to land prices.
In Tokyo, real estate and financial stocks traded generally weaker; Mizuho FG as down 0.8%, while shares of mid-sized lender Shinsei Bank Ltd fell 5.2%.
Financial stocks were weak for another day in Seoul, with Shinhan Financial off 0.8%, though technology shares were holding up, with LG Electronics 3.2% higher.
In Sydney, BHP was down 0.2% and Fortescue added 0.5%.
In currency markets the euro was still higher after its sharp Tuesday gains. Still, "on the day it may not have enough momentum in Asia given it has moved as far as it has," said one dealer.
The euro was at $1.4099 U.S., from $1.4081 U.S.in New York. The U.S. dollar was at 95.28 yen from 95.25 yen
CHINA
China’s Shanghai Composite Index continued its winning ways, advancing 36.84 points, or 1.2%, to 3,120.73
Shenzhen-listed Bengang Steel Plates hit the 10% upper-limit following reports about the discovery of a metals mine with a capacity of three billion tons in Liaoning province's Benxi city, where the company is located. China's largest steelmaker, Baoshan Iron and Steel finished up 3%. Hong Kong-listed Angang Steel rose 5.3%.
Action in Hong Kong was dominated by China-related shares, especially financials, as investors were drawn back into the market after Tuesday's sharp 2.9% retreat.
Shares of China Construction Bank rose 3% and China Telecom added 5.3%.
Elsewhere:
Singapore’s Straits Times Index progressed 52.86 points, or 2.4%, to 2,278.96
South Korea’s Kospi index moved higher by 3.25 points, or 0.2%, to 1,363.79
Taiwan’s Taiex jumped 182.61 points, or 3%, to 6,380.08
New Zealand’s NZX 50 Index fell 22.20 points, or 0.8% to 2,739.81
Australia’s S&P/ASX 200 regained 10.10 points, or 0.3%, to 3,807
