Asia stocks ended mixed in quiet trade on Wednesday following a sharp rally on Wall Street and higher oil prices.
Markets in Japan were shut for the Emperor's Birthday. The region is expected to see quiet trading for the rest of the week amid the Christmas holiday break. Australia, Hong Kong, Singapore and the Philippines will be open for a half-day on Thursday while Japan and China will be the only major markets open on Friday.
Overnight, the Dow Jones Industrial Average jumped nearly 200 points after the final estimate for U.S. third quarter gross domestic product was revised down to 2 percent from a previous 2.1 percent, but that still beat expectations for a 1.9 percent reading. Meanwhile, U.S. crude and Brent crude added 1 percent each on Wednesday, extending the previous session's rally.
Headlines from the China's Central Economic Work Conference (CEWC), an annual meeting of Communist Party leaders, also boosted sentiment. Officials hinted at additional monetary and fiscal easing in early 2016 and announced several reforms, including increasing the fiscal deficit ratio, reducing industrial overcapacity and easing property oversupply.
But analysts questioned whether the increased fiscal and monetary support will be enough to lift slowing economic growth.
"Chinese officials themselves are expecting an L-shaped recovery rather than a V-shaped rebound, highlighting ongoing stresses. The fact that economic conditions in China remained lukewarm despite significant stimulus spending in the third quarter points to rapidly contracting private demand, as can be evident from multi-year lows in the prices of coal, iron ore and steel," said economists at Mizuho Bank in a morning note.