Hong Kong - Asian markets were mixed on Wednesday as bargain-hunting was offset by more losses on Wall Street, while investors await the outcome of a Federal Reserve policy meeting.
Oil prices extended their losses to fresh five-and-a-half-year lows. The dollar recovered slightly against the yen ahead of the Fed get-together, which is being closely watched for clues about its interest rate plans.
Tokyo rose 0.38% to finish at 16 819.73 after sinking almost 3% in the previous two sessions.
Sydney added 0.19% to 5 161.9 and Shanghai jumped 1.31% to end at 3 061.02, a four-year high.
But Seoul fell 0.21% to 1 900.16 while Hong Kong gave up 0.37% to 22 585.84.
Global markets have been in turmoil this week due to concerns about the effect of plunging oil prices on energy firms as well as the crude-dependent Russian economy, which is also straining under Western sanctions.
The rouble - which plunged to a record low of 80 to the dollar Tuesday - sat at 70.77 in early Moscow trade Wednesday.
READ: Russia grapples with shock rouble fall
The central bank ramped up interest rates to 17% from 10.5% on Tuesday and spent about $2bn to try to support the unit.
Sebastien Barbe, head of emerging market research and strategy at Credit Agricole said in a note that the rate hike and plunging oil prices suggest "a meaningful recession next year".
"Further depreciation pressure suggests that rate hikes and forex intervention may not be enough. At the current juncture, the odds of targeted capital controls are increasing significantly."
On Wednesday crude slipped again, ahead of the release of the latest US supply report. US benchmark West Texas Intermediate for January delivery fell 28 cents to $55.65 while Brent crude for February was down 18c to $59.93.
US dealers offered Asia a weak lead, with unease over the crude market as well as Russian woes leading to a sell-off on Wall Street on Tuesday.
The Dow eased 0.65%, the S&P 500 fell 0.85% and the Nasdaq tumbled 1.24%.
However, some Asia investors took advantage of cheap valuations.
"After several days of steep falls, stocks are definitely cheap enough to pick up, but the markets remains beholden to exterior influences such as volatile currency and commodity price," Hiroichi Nishi, SMBC Nikko Securities general manager of equities, told Dow Jones Newswires.
"The turmoil may be far from over."
Eyes are now on the end later Wednesday of the Fed's two-day meeting, with dealers looking for some guidance over monetary policy amid growing speculation that the central bank will raise interest rates by the middle of 2015.
Despite expectations of higher US rates the dollar has retreated against the yen in recent days, with fears over the global economy sending traders into safer investments.
However the greenback fought back to ¥117.31 from ¥116.59 in New York, although it is still a touch down from ¥117.39 in Tokyo earlier on Tuesday.
The euro bought ¥146.27 and $1.2462 against ¥145.86 and $1.2511.
Chinese investors continue to pile into the Shanghai market, chasing a rally on hopes the government will introduce measures to kickstart the economy. The huge influx of dealers has seen the composite index surge by a quarter over the past month, helped by an interest rate.
Gold was at $1 197.34 an ounce compared with $1 199.36 late on Tuesday.
In other markets:
- Mumbai fell 0.27% to end at 26 710.13 points.
Pharmceutical major Cipla fell 2.92% to 605.25 rupees, while Sesa Sterlite gained 3.50% to 200.85 rupees.
- Bangkok closed up 1.26% to 1 480.20.
Oil firm PTT Exploration and Production soared 8.91% to 110.00 baht, while Bangchak Petroleum gained 6.78% to 31.50 baht.
- Malaysia's main stock index gained 0.48% to close at 1 681.90.
Malayan Banking rose 1.81% to 8.44 ringgit, while AMMB Holdings went up 0.16% to 6.21. British American Tobacco fell 1.51% to 63.78.
- Jakarta closed up 0.19% at 5 035.65.
Cigarette maker Gudang Garam rose 1.15% to 59 175 rupiah, while car maker Astra International lost 1.06% to 7 025 rupiah.
- Singapore finished up 0.38% to 3 227.23.
Oil rig maker Keppel rose 3.01% to Sg$8.22 while real estate developer Capitaland fell 1.27% to Sg$3.10.
- Taipei tumbled 1.37% to 8 828.36.
Taiwan Semiconductor Manufacturing fell 1.88% to Tw$130.5 while smartphone maker HTC was 1.40% lower at Tw$141.0.
- Wellington was flat, edging up 0.83 points to 5 496.59.
Air New Zealand gained 0.40% to NZ$2.51 and Fletcher Building was steady on NZ$7.97.
- Manila closed 2.71% lower, giving up 194.17 points to 6 966.21.
Philippine Long Distance Telephone shed 1.76% to 2 790.00 pesos, Ayala Land dropped 2.65% to 33.00 pesos and Bloomberry Resorts ended 3.74% down to 12.34 pesos.