CANBERA (dpa-AFX) - Most Asian stocks rose on Wednesday even as gains remained muted ahead of Thursday's highly-anticipated ECB meeting, which may set the tone for financial markets after Sunday's votes in Austria and Italy. The ECB is expected to extend its asset purchase program by six months to prop up growth and inflation.
While the Japanese yen held weaker, oil prices eased further in Asian deals after losing 1.7 percent overnight on data showing record high production in the producer group and the API data showing solid builds in gasoline and distillate inventories.
China's Shanghai Composite index rose 22.59 points or 0.71 percent to snap a three-day losing streak while Hong Kong's Hang Seng index was up 118 points or 0.52 percent at 22,793.
Japanese shares surged higher, with a weaker yen and another record close on Wall Street overnight bolstering investor sentiment. The Nikkei average gained 136.15 points or 0.74 percent to finish at 18,496.69 while the broader Topix index closed 0.91 percent higher at 1,490.62.
SoftBank shares soared 6.2 percent on news the mobile carrier plans to invest $50 billion in the U.S. and create 50,000 jobs. Consumer electronics and durables maker Panasonic rose nearly 2 percent after unveiling plans to produce refrigerators in India.
Australian shares extended gains from the previous session as disappointing third-quarter GDP numbers raised hopes that the RBA will keep its easing bias intact.
While Australia's Q3 GDP declined for the first time since the global financial crises, the latest survey from the Australian Industry Group showed that the country's construction sector continued to contract in November, albeit at a slower pace.
The benchmark S&P/ASX 200 index climbed 49.40 points or 0.91 percent to 5,478.10 and the broader All Ordinaries index finished 48.80 points or 0.89 percent higher at 5,535.40. The big four banks climbed 1-2 percent.
Mining giant BHP Billiton rallied 1 percent, Rio Tinto jumped 2.9 percent and smaller rival Fortescue Metals Group climbed as much as 4.3 percent after iron ore prices climbed overnight. Shares of Iluka Resources soared 4.4 percent as the mineral sands miner revived its $375 million takeover of Sierra Leone miner Sierra Rutile.
Alacer Gold lost 2.8 percent after cutting its 2016 output guidance. TPG Telecom advanced 7 percent after the telecom services provider reaffirmed its annual earnings guidance.
Seoul shares inched higher as market bellwether Samsung Electronics hit a fresh record high on an upbeat earnings outlook. The benchmark Kospi closed 2.03 points or 0.10 percent higher at 1,991.89, with Samsung shares climbing 1.4 percent to 1,772,000 won.
Hanmi Pharmaceutical plummeted 10.8 percent as its partner Janssen stopped recruiting participants for the clinical trials of a new diabetes drug.
New Zealand's benchmark S&P/NZX-50 index dropped 20.59 points or 0.30 percent to 6,889.77, with healthcare and utility stocks leading the decliners. India's Sensex was rising half a percent ahead of RBI's monetary policy announcement.
Malaysia's KLSE Composite index was moving up 0.2 percent, Singapore's Straits Times index was gaining 0.4 percent and the Taiwan Weighted edged up 0.1 percent while Indonesia's Jakarta Composite index was losing 0.3 percent.
Overnight, U.S. stocks eked out modest gains as shares of telecoms, financials and consumer services companies continued to rise on President-elect Donald Trump's promise to fire up U.S. growth.
The Dow rose 0.2 percent to close at a record high for a second straight session, while the S&P 500 gained 0.3 percent and the tech-heavy Nasdaq added half a percent.
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