Toyota Motor, Japan's largest vehicle maker, gained. Fuji Heavy Industries surged after Morgan Stanley raised its rating, citing benefits from the weaker yen. China Merchants Bank led Chinese shares lower for a second day after the central bank ordered lenders to set aside more reserves and a report on Wednesday showed producer-price inflation accelerated.
The MSCI Asia Pacific Index added 0.3 per cent to 143.93 at 7:22 pm in Tokyo, after earlier falling as much as 0.6 per cent. The benchmark lost 4.6 per cent in the previous two days.
Most Asian equity markets advanced, led by Japan's Nikkei 225 Stock Average, which climbed 1.2 per cent to 14,183.48. China's CSI 300 Index slumped 2.1 per cent, extending yesterday's 8.1 per cent drop.
Vietnam's VN Index fell for a record 25th day after policy makers raised interest rates to the highest in Asia to tame the quickest inflation since at least 1992.
Europe
Stocks in Europe bounced between gains and losses as advances in energy producers were offset by declines in retailers. US index futures rose.
The Dow Jones Stoxx 600 Index rose less than 0.1 per cent to 306.86 as of 10:59 am in London, as about the same number of shares gained as declined. The index has lost 16 per cent this year on concern record oil prices, higher inflation and credit-related losses approaching $400 billion will damp economic growth.
Futures on the Standard & Poor's 500 Index added 0.2 per cent.
National indexes increased in nine of the 17 western European markets that were open. France's CAC 40 added 0.2 per cent, while Germany's DAX and the UK's FTSE 100 were little changed.
US
Most US stocks declined for a third day on Tuesday, led by raw-materials and energy producers, as the prospect of higher interest rates drove down oil and metals and the International Energy Agency lowered its forecast for fuel demand.
The S&P 500 slipped 3.32 points, or 0.2 per cent, to 1,358.44. The Nasdaq Composite Index retreated 10.52, or 0.4 per cent, to 2,448.94. The Dow Jones Industrial Average added 9.44, or 0.1 per cent, to 12,289.76.
China's CSI 300 Index lost 8.1 per cent to a 14-month low and Europe's Dow Jones Stoxx 600 Index slid 0.7 per cent. More than four stocks decreased for every three that gained on the New York Stock Exchange.
