By Chikako Mogi
TOKYO (Reuters) - Asian shares and commodities recovered on Wednesday as a sharp sell-off over the past two sessions lured bargain hunters, with sentiment bolstered by positive American corporate earnings and data supporting the case for ongoing U.S. monetary stimulus.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent after shedding as much as 1 percent to come close its 2013 low.
Australian shares were up 0.1 percent and South Korean shares opened 0.7 percent higher.
Japan's Nikkei average opened up 0.8 percent, after tumbling as much as 2 percent on Tuesday when the yen's rebound took a toll on sentiment.
"After seeing a pull-back, there is an opportunity for buying on the dips," Yutaka Miura, a senior technical analyst at Mizuho Securities, said of Japanese shares.
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European shares fell on Tuesday on weak ZEW German consumer confidence numbers and heightened concerns about the earnings outlook for European companies. But U.S. stocks gained over 1 percent after strong earnings from some of America's biggest companies such as Coca-Cola and Johnson & Johnson.
U.S. consumer prices fell in March for the first time in four months and factory output slipped, reinforcing the view that the Federal Reserve will maintain its ultra-easy monetary policy stance to support up economic growth.
"We still believe that the recent volatility in the commodity prices was mainly driven by long position liquidation, while the underlying backdrop remains risk-positive due to expanding global monetary easing," said Vassili Serebriakov, strategist at BNP Paribas.
Spot gold was down 0.1 percent at $1,366.31 an ounce early on Wednesday, after sliding as much as 2.3 percent to $1,321.35, the lowest level in more than two years. Spot silver was steady around $23.36 an ounce after tumbling as much as 2.4 percent to $22.04 the previous session.
U.S. crude futures inched up 0.2 percent to $88.92 a barrel, having hit a four-month low of $86.06 on Tuesday. Brent crude futures fell below $100 for the first time in nine months on Tuesday.
The broad sell-off this week was triggered by concerns about clouding global growth prospects after disappointing Chinese and U.S. economic reports.
The International Monetary Fund on Tuesday trimmed projections for global economic growth for this year and next to take into account government spending cuts in the United States and the latest struggles of recession-stricken Europe.
The dollar was up 0.1 percent to 97.62 yen after touching a low of 95.67 yen on Tuesday, while the euro eased 0.1 percent to 128.61 yen but well above Tuesday's low of 125 yen.
"In contrast to prior growth scares, stocks in the sweet spot of monetary policy - high quality, high dividend yield, low volatility - are supporting the broader market," said Barclays Capital in a research. "The question remains if the market can hold up in the face of a soft global growth outlook."
(Additional reporting by Ayai Tomisawa in Tokyo and Ian Chua in Sydney; Editing by Eric Meijer)