On Wednesday, Asia-Pacific markets were mostly higher, but stocks on the Chinese mainland and in Hong Kong dropped.

The ASX 200 index in Australia rose 0.61 % to 6,928, with all sectors closing higher. Major banking stocks ended the day in the pink, with ANZ shares up 0.32 %, National Australia Bank up 0.42 %, Westpac up 0.57 %, and Commonwealth Bank up 0.58 %.

The Nikkei 225 index in Japan retraced much of its earlier gains but finished 0.12% higher at 29,730.79. To 1,967.43, the Topix index increased by 0.67 %. The Kospi in South Korea rose 0.33 % to 3,137.41.

After the chip and smartphone manufacturer released earnings guidance for the first three months of 2021, Samsung Electronics shares dropped 0.47%. Samsung expected a profit of 9.3 trillion. Korea won $8.3 billion for the year, up to 44 %.

The Hang Seng index in Hong Kong fell 0.91 % to 28,674.80 after the market reopened after being closed since Friday. The mainland Chinese stock market also struggled to gain ground. The Shanghai composite ended up 0.74 % lower at 3,479.63, while the Shenzhen portion fell 0.74 % to 13,979.31.

“After being closed on Monday, US equities declined, while European indices outperformed. The news that half of Europe's population would be able to be vaccinated by June gave the markets a boost, according to ANZ Research analysts.

In other news, Indian stocks advanced in afternoon trade, with the Nifty 50 rising 1.24 % and the Sensex rising 1.26 %. The Reserve Bank of India kept its key policy rate at 4% and pledged to maintain an accommodative stance as long as necessary to keep the economy rising.

A second outbreak of coronavirus has reached the United States, prompting authorities in several states to tighten social restrictions. The country's growth in the April-June quarter was downgraded by Goldman Sachs on Tuesday.

Though the rollout of vaccines improved India's recovery prospects, the recent increase in infections has made the outlook much more uncertain and "has to be monitored closely," according to RBI governor Shaktikanta Das in a statement.

“Localized and regional lockdowns could diminish the recent improvement in demand levels delaying the return to normalcy. Monetary policy will remain supportive until the conditions for long-term recovery are well defined, while closely monitoring the changing demand outlook,” Shaktikanta Das added.

The International Monetary Fund (IMF) raised its global economic outlook. On Tuesday, the organization projected 6% growth in 2021, up from 5.5 percent in January, and Chief Economist Gita Gopinath said that, amid the pandemic's remaining uncertainties, a "path out of this human and financial crisis is gradually visible".

The World Bank/IMF conference, according to analysts at the Commonwealth Bank of Australia, will not be a big driver of financial markets, according to a note published on Wednesday.

“Financial markets are much relaxed this year than they were last year at this time. There is no compelling cause for Finance Ministers to come together and issue a tough communiqué to bolster trust in the economic recovery.

The US dollar was stable against a basket of peers in the currency market, trading at 92.358. The dollar index fell from its previous week's highs near 93.200.

The Japanese yen was trading at 109.84 per dollar, down from 109.56 earlier in the day. At $0.7632, the Australian dollar was down 0.43 %.

Oil prices dropped during Asian trading hours on Wednesday, following overnight gains fueled by strong economic data from the US and China. US crude fell 0.72 % to $58.9 a barrel, while Brent, the global standard, fell 0.62 % to $62.35.