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Asian shares mixed on oil’s drop; Australia earnings in focus

Asian markets traded mixed on Wednesday, as a drop in oil prices and a mixed reaction to a slew of earnings in Sydney offset an inspiring lead from Wall Street. Meanwhile, brewing uncertainty about a resolution to the Greek debt crisis continued to sap risk appetite.

Brent crude and WTI prices slipped on Tuesday after the International Energy Agency (IEA) warned that oil prices may decline as oil stocks held by countries in the Organization for Economic Cooperation and Development continue to increase. U.S. crude futures closed down $2.84 at $50.02 a barrel, while Brent crude fell about $2 to $56 a barrel, ending a three-day rally.

Overnight, U.S. stocks finished higher on hopes of a resolution in the Greek debt negotiations, as well as better-than-expected revenues from Coca-Cola.

The Dow Jones Industrial Average closed up 0.8 percent, with Coca-Cola leading gains after posting earnings of an adjusted 44 cents per share for the fourth quarter, two cents above estimates. The S&P 500 added 1 percent, while the tech-heavy Nasdaq finished 1.3 percent higher.

Japanese markets are shut for a public holiday on Wednesday.

Mainland indices mixed

China's Shanghai Composite index closed up 0.5 percent after the central bank vowed to support economic growth, and as markets digested news of a reshuffle in the senior positions at China's central bank. According to local media reports, two of the four deputy governors at the People's Bank of China will be replaced in the coming months.

CITIC Securities will seek a legal solution for repayment from the issuer of one of its wealth management products that is in danger of default, the company said Tuesday. Shares of the country's top brokerage underperformed the sector to settle 0.7 percent lower.

China Shenhua Energy elevated 0.4 percent in Shanghai, but fell 1.7 percent in Hong Kong, following news that its coal sales in 2014 fell 12.4 percent from a year earlier due to slowing demand and production cuts.

Hong Kong equities receded 0.8 percent to a one-week low, with financials weighing on the bourse. Standard Chartered tanked 2.2 percent, while Bank of China and China Minsheng Bank shed 0.7 and 0.6 percent each. Shares of HSBC remained dismal, down 2.3 percent, after news that the British banking giant helped more than 100,000 wealthy individuals avoid paying tax.

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