Asian stocks held broadly higher on Thursday as geopolitical concerns eased and oil prices steadied on data showing a lower-than-expected buildup in oil inventories. Traders also cheered the prospects of fresh stimulus amid mounting speculation the European Central Bank will ease its policy further at its meeting next week.
While prospects of fresh monetary stimulus kept the euro under pressure, gold hovered close to its lowest level in nearly six years on the dollar strength. The safe-haven Japanese yen weakened in the wake of improved risk appetite.
Chinese shares were little changed despite the government lowering various costs for importers and exporters in a bid to boost foreign trade. The benchmark Shanghai Composite was unchanged at 3,647 while Hong Kong's Hang Seng index was up 224 points or 1 percent at 22,722.
Japanese shares rose as weakness in the yen boosted export-related stocks. The Nikkei average was up 0.6 percent at 19,959 after closing down 0.4 percent on Wednesday. Honda Motor gained 1.4 percent, Nikon advanced 1.5 percent and Toyota Motor added 0.8 percent. Shares of Japan Display tumbled almost 8 percent on a Nikkei report Apple plans to switch to OLED displays for iPhones starting in 2018.
In economic news, the government downgraded its assessment of November capital expenditure, saying the economy is in a gradual recovery trend but there are some weak spots.
Australian shares rebounded as a rally in banks and healthcare companies offset weakness in the mining sector. Meanwhile, investors shrugged off sluggish business investment data. The benchmark S&P/ASX 200 was up 33 points or 0.62 percent at 5.226 after losing 0.6 percent the previous day.
The big four banks rose between 0.8 percent and 1.6 percent. Mining giants Rio Tinto and BHP Billiton dropped 1-3 percent amid record low iron ore prices.
South Korea's Kospi average was up 19 points or 0.94 percent at 2,028, with automakers pacing the gainers after South Korea ordered Volkswagen to recall 125,500 diesel vehicles. On the economic front, a gauge of consumer sentiment in the country rose for a fifth consecutive month to hit a 14-month high in November, central bank data showed.
Elsewhere, the Taiwan Weighted was rallying 1.2 percent and the benchmark indexes in Indonesia and Malaysia were marginally higher, while Singapore's Straits Times index was losing 0.2 percent.
New Zealand's NZX-50 was up 0.2 percent after ending a seven-day winning streak the previous day. The Indian markets were not yet open.
On Wall Street, stocks ended narrowly mixed overnight ahead of the Thanksgiving Day holiday. Stocks wavered in a tight range as positive data on jobless claims, durable goods orders, new home sales, personal income and spending offset somewhat disappointing readings on consumer sentiment and inflation.
European stocks rebounded from Tuesday's hefty losses as investors relegated geopolitical worries to the back burner and focused on economic and corporate news.
Investor sentiment was also buoyed after reports the European Central Bank is mulling various options to ease monetary policy further. The German DAX rallied 2.2 percent, France's CAC 40 index climbed 1.5 percent and the U.K.'s FTSE 100 advanced 1 percent.
U.S. markets will be closed Thursday and most of Friday afternoon.
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