Sydney jumps 1%
A recovery in the resources space helped Australia's key S&P ASX 200 index to outperform the region, overlooking a National Australia Bank survey which showed the country's business conditions in September falling to its lowest in four months.
Atlas Iron and Mount Gibson were the top gainers on the back of higher spot iron ore, closing up 15 and 18 percent each. Fortescue Metals piled on 6 percent as well. "The local market is enjoying a relief rally today. A jump in iron ore prices sparked a round of short covering for the beaten-down iron ore plays," wrote IG's market strategist Stan Shamu in a note.
Copper and gold miner Oz Minerals rose 7.6 percent after it announced that production from its major Prominent Hill mine was on track to meet full-year guidance.
Wotif.com Holdings trimmed losses to close down 0.3 percent. The online travel firm hit a three-week low in morning trade after the New Zealand Commerce Commission said it has briefly delayed its regulatory ruling on Expedia's acquisition of the company.
Meanwhile, the Australian dollar staged a rebound on late Tuesday, edging up 0.2 percent to $0.8787 against the greenback.
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Seoul up 0.1%
South Korea's KOSPI index snapped a three-day losing streak to close up slightly above a new seven-month closing low on Monday.
Oil refiners outperformed the bourse on prospects of higher margins; SK Innovation and S-Oil scaled over 3 and 2 percent each. Blue-chip Samsung Electronics advanced 1.7 percent.
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The Straits Times index fell back into the red on late Tuesday. Latest data showed the city-state expanded 2.4 percent in the third quarter from the year-ago period, missing a Reuters forecast for a 2.8 percent gain and following a rise of 2.4 percent rise in the previous quarter.