Australian shares gained 0.9 percent on Wednesday to close at their highest point since June 2008, spurred by upbeat fourth quarter GDP figures and signs a military confrontation between Russia and Ukraine might be averted. The S&P/ASX 200 index climbed 46 points to finish the session 5,446.2, its highest point in 5-1/2 years. The benchmark added 0.3 percent on Tuesday.
Elsewhere, HSBC/Markit's China Services Purchasing Managers' Index (PMI) ticked up to 51.0 in February from a 2-1/2 year low the previous month of 50.7, confirming a pick-up in services even as manufacturing slows.
New Zealand's benchmark NZX 50 index added 0.8 percent or 39.8 points to finish at another all-time closing high of 5,073.1, underpinned by an strong economy. All 'Big Four' banks rose, with Westpac Banking Corp climbing 1.1 percent and Commonwealth Bank of Australia tacking on 0.7 percent. Mid-tier Bank of Queensland Ltd added 0.5 percent. In the consumer space, retail department stores Myer Holdings Ltd and David Jones Ltd climbed 1.5 percent and 1.7 percent, respectively.
Analysts said easing tensions in Ukraine steered investors back into equities after several days on the sidelines as Russian actions raised fears of a military conflict.