South Korea’s Kospi led the gains regionally, rising 2.17% after falling more than 2% on Tuesday.
Hong Kong’s Hang Seng Index also posted strong gains, rising 1.4% after falling the day before. However, mainland Chinese stocks were mixed, with the Shanghai composite up 0.11% and the Shenzhen component down 0.267%.
In Japan, the Nikkei 225 climbed 0.84%, trying to recover after several losing sessions. The Topix index rose 0.74%.
In Southeast Asia, the Straits Times index in Singapore jumped 1.29%.
The S & P / ASX 200 in Australia reversed the trend, plunging 0.18%. Australia’s economy shrank 1.9% in the September quarter, official data showed Wednesday. It was above market forecast for a 2.7% drop, according to Reuters.
The largest MSCI index of Asia-Pacific equities excluding Japan rose 1.3%.
Data on the activity of factories in China
China’s official manufacturing purchasing managers index for November stood at 50.1 on Tuesday, above analysts’ expectations in a Reuters poll for a reading of 49.6.
PMI readings below 50 represent contraction while those above this level signify expansion. PMI readings are sequential and represent month-to-month expansion or contraction.
Meanwhile, U.S. Federal Reserve Chairman Jerome Powell said the central bank would discuss accelerating the reduction in bond purchases at its December meeting.
Oil surges more than 2%
The US dollar index, which tracks the greenback against a basket of its peers, was at 95.933 after falling recently from above 96.5.
The Japanese yen was trading at 113.46 per dollar after a recent weakening to less than 113 against the greenback. The Australian dollar was at $ 0.7163, above a previous low of $ 0.7117.