Asia shares mostly higher on US lead, ECB rumors; Nikkei shines

Asia equities were mostly higher on Wednesday, mirroring gains of their U.S. peers, while reports of bond purchases by the European Central Bank also lifted sentiment.

On Wall Street, the S&P 500 and the Nasdaq posted a fourth session of gains overnight. Both indices rallied 2 percent while the Dow jumped more than 1 percent after existing home sales in September hit a one-year high.

Reports that the European Central Bank is considering buying corporate bonds were in focus. The move would add to covered bond purchases the bank began this week and may be a step closer to full-blown quantitative easing, said Stan Shamu, market strategist at IG in a note.

"The market would really want to see government bonds and high-quality private debt included in a broad-based asset purchase program," he added.

Read MoreWhat investors think of the ECB bond buying rumor

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CNBC 100

Nikkei 2.6% higher

Japan's benchmark Nikkei index closed at a one-and-a-half week high following two sessions of volatile trading. On Monday, the index surged 4 percent but then lost 2 percent on Tuesday. September trade data released before the market open boosted sentiment with exports hitting a seven-month high.

Read MoreNikkei to struggle after Monday's massive session

Apple-related shares soared with Foster Electric 5 percent higher and Japan Aviation Electronics up nearly 6 percent after the U.S. firm posted better-than-expected earnings.

Yahoo Japan dropped 1 percent after U.S. peer Yahoo surged 4 percent in extended trade following strong third-quarter earnings results.

Shanghai down 0.6%

Mainland shares closed at a new one-month low for the second consecutive session. The mood was quiet as investors awaited HSBC's flash manufacturing purchasing manager's index (PMI) report for September on Thursday.

Read MoreChina's one-child policy will go – do people care?

Property shares tanked after data on Tuesday showed real estate investment slowing in the first nine months of the year. Gemdale led losses by nearly 4 percent while China Merchants Property lost over 2 percent.

Hong Kong's benchmark Hang Seng Index rose over 1 percent despite the lack of any progress at talks between student leaders of the pro-democracy movement and the government on Tuesday.

ASX up 1%

Australia's benchmark S&P ASX 200 rose to its highest level in a month, extending gains into a seventh straight session. Shares were little changed after third-quarter consumer prices rose 2.3 percent on year, in line with forecasts.

BHP Billiton spiked more than 1 percent after reporting a 17 percent annual increase in iron ore production during the September quarter. Other miners also rallied with Rio Tinto up 2 percent and Fortescue Metals more than 3 percent higher.

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Kospi gains 1.1%

South Korea's benchmark index jumped to a one-and-a-half week high, resuming gains following Tuesday's near 1 percent drop.

Tech companies led the gains with LG Display climbing nearly 3 percent ahead of unveiling earnings after the market close.

Read MoreHasthe junk bond bubble deflated?

Nifty 0.8% higher

India's Nifty index traded in sight of the 8,000 level, which would mark a near one-month high.