Asian equities were mixed amid choppy trade on Wednesday as a surprise upside in China's manufacturing sector failed to lift markets across Asia.
The flash HSBC Purchasing Managers' Index (PMI) rose to 50.1 from January's 49.7 final reading, above the 50-mark which demarcates expansion from contraction, a private survey showed on Wednesday. But traders shrugged off the positive surprise.
"Overall growth remains subdued in China's manufacturing sector. A caveat for this month could be the seasonal effect as there are fewer working days in February," John Zhu, greater China economist at HSBC, told CNBC Asia's "Squawk Box."
Overnight, U.S. stocks advanced in choppy trade, with the Dow Jones Industrial Average and S&P 500 hitting intra-day records, as Federal Reserve Chair Janet Yellen said the central bank would not hike rates for the next few FOMC meetings.
"None of her views were new, but the market took the testimony as slightly move dovish than before and moved the expectations of a first move in the Fed funds rate from September to October," Evan Lucas, IG's market strategist, wrote in a note.
Meanwhile, news that finance ministers from the euro zone approved Greece's new bailout plan supported sentiment. Athens submitted a list of reform proposals at around midnight on Monday, in return for a four-month extension on its bailout package.