Investing.com - Asian shares were mostly weaker on Wednesday as geopolitical tension in the Middle East dominated, while regionally downbeat data out of Japan weighed.
The Nikkei 225 fell 0.66%, while the S&P/ASX 200 eased 0.40% and the Shanghai Composite opened down 0.06%.
Japan is unlikely to hit sustained 2% inflation by fiscal year 2017 as slowing growth in emerging economies and a planned sales tax hike weigh, Bank of Japan board members said in minutes released on Wednesday.
The BoJ held policy steady in October and November, keeping an annual asset purchase target at ¥80 trillion.
The October minutes highlighted policy options that may be taken to spur the economy further a factor that may be further in play as at least one board member said a weaker yen has had a smaller impact than expected.
The corporate services price index for October rose 0.5%, below the 0.6% gain seen year-on-year.
In Australia, third quarter construction work done fell 3.6%, more than the 2.1% drop expected quarter-on-quarter.
Overnight, U.S. stocks rebounded amid an energy-fueled rally, after Turkey rattled global markets by downing a Russian jet fighter overnight.
Equity markets worldwide initially tumbled after reports surfaced that a Turkish F-16 jet plane shot down a Russian jet along the Turkish province of Hatay.
The major indices, though, rallied in the afternoon session after U.S. president Barack Obama and France president Francois Hollande soothed markets by taking an aggressive stance against any actions that could result in an escalation of current tensions in Syria.
The Dow Jones Industrial Average gained 19.51 or 0.11% to 17,812.19, extending gains from the previous session, while the NASDAQ Composite index inched up 0.33 or 0.01% to close at 5,102.81. The S&P 500 Composite index, meanwhile, rose 2.55 or 0.12% to 2,089.14, as six of 10 sectors closed in the green. Stocks in the Energy and Basic Materials sectors led, while stocks in the Consumer Services, Financials and Utilities industries lagged.
As well, the release of a weak U.S. consumer confidence report and data showing that the U.S. economy grew more than initially estimated in the third quarter pained a mixed picture.
The U.S. Conference Board said its index of consumer confidence sank to a 12-month low of 90.4 this month from a reading of 99.1 in October, whose figure was revised from a previously reported 97.6. Analysts expected the index to rise to 99.5 in November.
The report came shortly after the U.S. Commerce Department said gross domestic product grew at an annual rate of 2.1% in the three months to September, in line with expectations.
Preliminary data initially pegged U.S. growth at 1.5% in the third quarter. The U.S. economy grew 3.9% in the second quarter. The upbeat growth data added to expectations that the Federal Reserve is on track to raise interest rates next month.