Asian equity markets rose on Tuesday as geopolitical concerns in eastern Ukraine and the Gaza strip eased.
A breakthrough in developments at the Malaysia Airlines crash site helped to stabilize sentiment. Rebel leaders handed over two black boxes to Malaysian experts in Donetsk who confirmed they were in good condition. Meanwhile, Russia's envoy to Malaysia said in a news conference that the rebels do not have Buk missile systems and called for the investigation to be conducted by the international community.
"It seems the battle between geopolitical risk and US earnings is in play at the moment and we'll continue to see a tug of war in the near term. For now though, pressure seems to have eased a touch and this is giving risk assets room to move," said Stan Shamu, market strategist at IG.
Hopes for a ceasefire in Gaza were also in focus after U.S. Secretary of State John Kerry and United Nations chief Ban Ki Moon arrived in Cairo for talks aimed at stopping the bloodshed.