Asian markets were faced with a triple whammy on Thursday as shares sold-off on worries over China's fresh tightening measures, fears of a European bank run as Cypriot lenders gear up to reopen their branches and a political impasse in Rome.
Australian stocks led Asia higher on Wednesday after upbeat U.S. economic data provided temporary relief to the on-going euro zone worries while earnings momentum drove gains in greater China.
Asian markets eased off their lows to close mixed on Tuesday after comments from the Eurogroup president about using the Cypriot "bail-in" as a template for future deals spooked investors while Shanghai shares led losses over liquidity fears.