ASX gains 0.7%
Australia's S&P ASX 200 index settled at a one-week high as traders deemed the country's newly released federal budget as market friendly.
Consumer-related counters cheered the issuance of tax breaks; electronics providers JB Hi-Fi and Harvey Norman surged 2.1 and 5 percent, respectively, while office equipment and hardware provider Wesfarmers gained 1.5 percent.
As Canberra dished out an extra $3.5 billion Australian dollars in childcare, education stock Affinity Education Group leaped 1.9 percent, but G8 Education reversed a higher open to close down 0.5 percent.
Firmer oil and gold prices supported the resources sector, with Santos and Newcrest Mining elevating 0.6 and 2.8 percent, respectively. Sirius Resources soared 5.5 percent after signing a deal to sell copper concentrate from one of its mines.
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Shanghai Comp falls 0.6%
China's Shanghai Composite index fell back into the red after turning positive following the data release. The Shanghai bourse had wavered between small gains and losses all day, as worries over a raft of new share listings took hold, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen dropped 0.6 percent.
Decliners included brokerage houses and insurers; Founder Securities and Haitong Securities plunged 3.1 and 2.7 percent, respectively, while Ping An Insurance and China Life Insurance closed down 2.2 and 1.8 percent, respectively.
In Hong Kong, Hang Seng Bank - a subsidiary of British banking giant HSBC - rallied 2.8 percent following news that it is selling its stake in Shanghai-listed Industrial Bank. Shares of the latter eased 2.3 percent, while HSBC sagged 0.7 percent.
Meanwhile, China Resources Land, the property developer arm of conglomerate China Resources Group, tumbled 6.8 percent following Tuesday's announcement of a share placement in Hong Kong.
Hong Kong Exchanges and Clearing widened losses to 1.6 percent despite meeting expectations with its first quarter earnings released at midday. The broader Hang Seng index came under pressure in the final hour of trade to notch down 0.7 percent after a day of relatively muted moves.