Asian stocks turned in a mixed performance on Wednesday as a surge in global coronavirus cases and disappointing U.S. retail sales dented investor optimism over potential Covid-19 vaccines.
Chinese shares ended a tad higher after the government hinted at additional policy measures to prop up the economy.
China will promote economic growth to a "reasonable" range while pursuing higher quality development, Premier Li Keqiang was quoted as saying on Tuesday night by state radio.
The benchmark Shanghai Composite index rose 7.41 points, or 0.22 percent, to 3,347.30, while Hong Kong's Hang Seng index ended up 129.20 points, or 0.49 percent, at 26,544.29.
Japanese shares tumbled amid a resurgence in Covid-19 infections at home and abroad. The Nikkei average fell 286.48 points, or 1.10 percent, to 25,728.14 as the Nikkei business daily reported the Tokyo government was considering raising its infection alert to the highest of four levels as early as Thursday. The broader Topix index closed 0.81 percent lower at 1,720.65.
Exporters Canon, Toyota Motor and Sony dropped 1-2 percent as the dollar fell against the yen. Honda Motor lost as much as 3.8 percent and Panasonic fell 2.9 percent.
SoftBank shares ended 0.9 percent lower. Group CEO and founder Masayoshi Son said he has created a cash pile of more than $80 billion following aggressive asset sales this year, in order to prepare for a "worst case scenario" of Coid-19.
In economic news, Japan posted a merchandise trade surplus of 872.899 billion yen in October, the Ministry of Finance said. That exceeded forecasts for a surplus of 250 billion yen following the surplus of 675 billion yen in September.
Exports were down 0.2 percent year-on-year, beating expectations for a decrease of 4.5 percent following the 4.9 percent drop in the previous month. Imports were down an annual 13.3 percent.
Australian markets rose modestly, with financials surging after Reserve Bank governor Philip Lowe said the country was "on the road back" and that rising home prices in the country are not a cause for concern yet.
The benchmark S&P/ASX 200 index rose 32.90 points, or 0.51 percent, to 6,531.10 despite concerns about a resurgence in coronavirus infections. The broader All Ordinaries index ended up 28.70 points, or 0.43 percent, at 6,726.50.
Lender ANZ rose 1.3 percent, while the other three big banks gained 2-3 percent. Mining heavyweights BHP and Rio Tinto ended with modest losses.
United Malt Group rallied 3 percent after its full-year net result came well above consensus forecasts. Energy companies Santos, Origin Energy and Oil Search fell between 1.8 percent and 2.6 percent.
Bourse operator ASX edged up 0.4 percent despite Morgan Stanley cutting its price target, citing tech outages.
Seoul stocks edged up slightly to hit the highest level in 33 months, as bio stocks rallied amid concerns over a flare-up of new coronavirus outbreaks.
South Korea is facing a Covid 'crisis', said PM Chung Sye-kyun as the country recorded its largest daily increase in coronavirus infections in nearly three months.
The benchmark Kospi inched up 6.49 points, or 0.26 percent, to 2,545.64, marking the highest closing since 2,568.54 points on Feb. 1, 2018. Top pharmaceutical firm Samsung Biologics surged 4.9 percent.
New Zealand shares gave up early gains to end sharply lower for the day. The benchmark NZX-50 index fell 159.07 points, or 1.25 percent, to 12,605.96 after gaining for the past 11 sessions.
U.S. stocks fell overnight as retail sales data disappointed and more states imposed restrictions to tamp down an unrelenting surge in Covid-19 cases.
The S&P 500 slid half a percent and the Dow Jones Industrial Average shed 0.6 percent after closing at record highs in the previous session. The tech-heavy Nasdaq Composite eased 0.2 percent.
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