Investing.com - Asian stock markets rebounded on Tuesday, as concerns over the situation in Ukraine eased and as investors shifted their focus to the Federal Reserve’s upcoming policy meeting.
During late Asian trade, Hong Kong's Hang Seng Index rose 0.3%, China’s Shanghai Composite Index inched up 0.08%, Australia’s ASX/200 Index closed 0.51% higher, while Japan’s Nikkei 225 Index ended up 0.94%.
Asia was given a positive lead from the U.S., where the Dow Jones and S&P 500 ended higher after Crimea voted overwhelmingly in favor of becoming part of Russia, as an absence of violence and mild sanctions from the West fueled appetite for risk-on assets.
Uncertainty over the situation in Ukraine has weighed on global sentiment over the past few weeks.
In Tokyo, the Nikkei ended higher as traders continued to monitor movements in the currency market. USD/JPY rose to a daily high of 101.93, moving further away from a five-week low of 101.19 hit earlier in the week.
Mazda and Nissan saw shares climb 2% and 2.2% respectively, while index heavyweight Softbank rallied 3.2%.
Meanwhile, in Australia, the ASX/200 Index bounced off the previous session’s one-month low as gains in the mining sector boosted the benchmark index.
BHP Billiton and Rio Tinto picked up 1.7% and 0.9% respectively, while Atlas Iron jumped 2.2%.
Elsewhere, shares in mainland China and Hong Kong edged higher, but gains remained limited amid ongoing concerns over the health of China’s economy.
Car makers in China got a boost on expectations for increased sales of electric cars. Anhui Jianghuai Automobile rose 8.1% and Haima Automobile gained 3.2%.
In the broader market lingering concerns over China's slowing economy weighed on property firms with China Vanke down 1.6% and Poly Real Estate easing 2.1%.
Looking ahead, European stock market futures pointed to a modestly lower open. The EURO STOXX 50 futures pointed to a loss of 0.3%, France’s CAC 40 futures dipped 0.3%, London’s FTSE 100 futures indicated a drop of 0.15%, while Germany's DAX futures shed 0.15%.
The ZEW Institute is to release its closely watched report on German economic sentiment.
Across the Atlantic, U.S. equity markets also pointed to a weaker open. The Dow Jones Industrial Average futures pointed to a fall of 0.1%, S&P 500 futures inched down 0.1%, while the Nasdaq 100 futures indicated a decline of 0.2%.
The U.S. is to produce data on consumer inflation, in addition to reports on building permits and housing starts later in the day.
Investors began to turn their attention to the outcome of the Fed’s policy meeting on Wednesday after U.S. data on Monday indicated that the economic recovery remains sluggish.