Asian shares hit fresh highs on Tuesday, as investors deemed a Greek exit from the euro zone unlikely despite an election victory by anti-austerity party Syriza in Sunday's snap election. Chinese equities bucked the rising trend as new data served up fresh concerns about the impact of a cooling economy.
"I think a 'Grexit' isn't wanted by people in Greece and I don't think the country [under a new government] will storm out of the euro zone because the consequences will be a systemic crisis for the Greeks, but not so for the rest of Europe," Geoff Lewis, global market strategist at J.P. Morgan Asset Management, told CNBC Asia's "Squawk Box."
A modestly higher finish by U.S. stocks overnight also helped sentiment. The Nasdaq Composite and S&P 500 added 0.3 percent each, while the Dow Jones Industrial Average finished little changed, as investors mulled results from Greek elections and a massive blizzard bearing down on the East Coast.
Meanwhile, the Federal Reserve kicks off its monthly policy meeting later on Tuesday.