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Asian shares jumped on Wednesday, taking cues from sharp gains in European and U.S. markets, while the dollar firmed as upbeat U.S. home sales supported the view that the economy may be strong enough for the Federal Reserve to raise interest rates in coming months.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1.6 percent.

May 25 China stocks gave up early gains to end weaker on Wednesday despite a sharp rebound in Hong Kong, as yuan depreciation fears resurfaced on the back of a stronger dollar and a possible U.S. rate hike next month.

Shanghai Composite Index lost 0.2 percent, to 2,815.09 points.

May 25 - Hong Kong stocks jumped more than 2 percent on Wednesday in their best day in six weeks, inspired by solid overnight gains in U.S. and European markets.

But some analysts said the rebound was driven largely by technical factors, and remained worried about the near-term outlook given the backdrop of a sluggish Chinese economy and a possible U.S. rate hike as early as next month.

The Hang Seng index rose 2.7 percent to 20,368.05 points, while the China Enterprises Index gained 2.8 percent to 8,536.38

Reference: Reuters