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Asian shares get a confidence boost from US rally

Asian shares advanced on Tuesday, with energy and airline counters leading the rebound, as investors took heart from the rally on Wall Street.

Major U.S. averages each rose over 1 percent on Monday, helped by a sharp jump in oil prices and as investors brushed off jitters related to last Friday's deadly terror attacks in Paris. The led gains with a rise of 1.5 percent, while the Dow Jones Industrial Average and Nasdaq Composite closed up 1.4 and 1.2 percent respectively.

"U.S. stock markets managed worthwhile rallies in Monday trading, as last week's terrorist attacks in Paris had only a fleeting impact on investor sentiment. In the context of relative market reactions seen at the time of past terrorist-related events like the Madrid commuter train bombings in early 2004 and the London bombings of mid-2005, initial cautiousness quickly dissipated," Tony Farnham, an economist at Patersons Securities, wrote in a note released Tuesday.

China stocks higher

Share markets in China surrendered all of their gains in the afternoon trading session, with the benchmark Shanghai Composite stepping slightly into the red at the market close.

Earlier on, the key index hit an intra-day high of 3,678.2 points, which marked the bourse's highest level since August 20.

Among other indexes, the blue-chip CSI300 Index slipped 0.2 percent and the smaller Shenzhen Composite dropped 0.9 percent, a day after rallying on the back of speculation that a trading link between the Shenzhen and Hong Kong stock exchanges could be implemented in the coming months.

According to a note from spread better IG, Hong Kong's Chinese broadsheet Oriental Daily reported that Ronald Leung, an international advisory committee member of the China Securities Regulatory Commission (CSRC), hinted that the stock connect is likely to be announced before the end of the year and to begin operations in the first quarter of 2016. In addition, Shenzhen officials reportedly visited Beijing to lobby the central government for the trading link to start as soon as possible.

Citic Securities said it will be selecting a new chairman. Shares of the biggest brokerage in China powered up 2.5 percent in Hong Kong, outpacing the broader Hang Seng index which jumped 1.4 percent.

Read MoreMorgan Stanley: Here's what we like in China

Nikkei leaps 1.2%

Japan's Nikkei 225 recouped all of Monday's losses, with sentiment bolstered by the inspiring handover from Wall Street and a weaker yen.

The Japanese currency was last seen at 123.36 per dollar, compared with the one-week low of 122.23 in the previous trading session, giving export-oriented counters a lift. Toyota Motor led gains among carmakers, up 1.8 percent, while industrial robot maker Fanuc jumped 2.9 percent.

Investors also picked up shares of battered of energy producers after U.S. oil ended a three-day losing streak on Monday. Large-cap Inpex tacked on nearly 2 percent, while Showa Shell Sekiyu and JX Holdings gained over 3 percent each.

Japanese air carriers enjoyed a reprieve following the prior day's selloff; Japan Airlines and All Nippon Airways Holdings edged up 0.6 and 0.3 percent respectively.

Electric wire maker Fujikura topped the leaderboard, surging 9 percent, after Nomura Securities lifted its rating for the stock to 'buy' from 'neutral.'

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