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Asia shares mixed; Australia at 6-year peak after inflation data

Asian stock markets were mixed on Wednesday as profit-taking offset a positive lead from Wall Street overnight.

Upbeat U.S. data sent Wall Street shares higher on Tuesday. Existing home sales hit an eight-month high in June while the consumer price index rose 0.3 percent in the month after a 0.4 percent rise in May.

Traders also said sentiment improved with tensions easing in Ukraine after pro-Russian rebels handed over bodies from the Malaysia Airlines crash site along with the black boxes on Tuesday.

Read MoreSuper bear Marc Faber: Here are markets I like

"A combination of U.S. earnings optimism, positive U.S. economic data and a slight downgrade to Russia risk has ignited [Asian] markets today," said Stan Shamu, market strategist at IG in a note.

Symbol
Name
Price
 
Change
%Change
NIKKEI
---
HSI
---
ASX 200
---
SHANGHAI
---
KOSPI
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CNBC 100
---

Nikkei dips 0.1%

Japan's benchmark Nikkei index erased earlier gains as investors booked profits on Tuesday's near 1 percent rally. Investors showed little reaction to comments by central bank deputy governor Hiroshi Nakaso, who said that Japan would likely achieve 2 percent inflation around fiscal 2015.

Read MoreChina food scandal spreads, Japan dragged in

Motor manufacturer Nidec inched down 0.1 percent ahead of reporting earnings. After the market close, the company reported a 25.5 percent annual rise in first-quarter operating profit.

Apple-related shares rose after U.S. tech giant posted profits that beat expectations. Daishinku rose 1 percent while Meiko Electronics added nearly 1 percent.

Shanghai rises 0.1%

China's benchmark Shanghai Composite finished at a new one-month high for the second day, underpinned by a rally amid financials.

Read MoreWhy many are still not buying China shares

Brokerage firm CITIC Securities rose 1 percent after reporting a 93.2 percent annual rise in first-half net profit. Haitong Securities jumped over 2 percent.

Meanwhile, Hong Kong shares soared to their highest levels since December 2013.

ASX gains 0.6%

Australia's benchmark index rose to new six-year highs for a second day while the Australian dollar hit a two-week high of $0.9441 following a rise in second-quarter consumer prices.

Read MoreAustralia stocks: Good times to roll on

BHP Billiton jumped over 1 percent after announcing that it beat its fiscal year 2014 iron ore production target by 4 percent.

Biotech firm Starpharma surged over 16 percent after receiving regulatory approval for its virus-killing condom.

Emerging markets higher

Indonesia's benchmark Jakarta Composite rose 0.5 percent while the rupiah jumped nearly 1 percent against the greenback as investors cheered Joko Widodo's victory in the country's presidential election.

Read MoreIndonesia's new president faces tough juggle ahead

India's NSE index rose to a record high, led by gains in blue-chip stocks on foreign buying.

Kospi flat

South Korea's benchmark Kospi index reversed gains after hitting a new eight-month high earlier in the session.

Chip-makers weighed on the index LG Display down nearly 3 percent ahead of releasing earnings. After the market close, the company said operating profit fell by an annual 55.4 percent in the second quarter.

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