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.
Asian markets licked their wounds on Tuesday after the previous day's sell-off on hopes that Cyprus's upcoming vote on the bank deposit levy will pass through parliament and secure the island's financial rescue.
Risk assets fell across the board on Monday as Asian markets saw a massive sell-off after a weekend decision by the euro zone to force depositors in Cyprus to contribute towards a bailout sparked concerns of contagion across other peripheral countries.