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Shanghai Composite powers to 3-year peak on rate cut cheer

Chinese stocks hit another three-year high on Tuesday as investors celebrated the central bank's rate cut last week while the rest of Asian indices traded mixed.Friday's interest rate cut from the People's Bank of China , the first since 2012, was a welcome surprise for markets with experts saying the move would lower downside risks to the economy. Read More China's rate cut to turbocharge Shanghai stocks Oil was in focus for Asian traders, with Brent crude below $80 a barrel ahead of a closely-watched meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday. "Most in the market expect OPEC to announce a modest reduction to production. However, considering the erratic communication coming out of the bloc and the reaction of the Brent price on the back of these communiques, a coordinated response looks unlikely," said Evan Lucas, market strategist at IG in a note.

Revised U.S. third-quarter gross domestic product (GDP) figures were also in the spotlight. Due later on Tuesday, the data is expected to be lowered to 3.3 percent, down from 3.5 percent.

Shanghai up 1.4% Mainland shares widened gains to hit its second consecutive three-year peak, with media firms leading the rally. Bestv New Media and Shanghai Oriental Pearl (Shanghai Stock Exchange: 832-SZ) surged by the daily trading limit of 10 percent each after announcing a merger on Monday. Founder Securities extended Monday's rally to trade 3 percent higher. Hong Kong's Hang Seng Index (Hong Kong Stock Exchange: .HSI) ceded gains to dip modestly below the flatline late Tuesday.

Tokyo rises 0.3% Japan's benchmark Nikkei 225 (Nihon Kenzai Shinbun: .N225) rose as it played catch-up with the region following Monday's holiday. However, larger gains were capped as the yen (Exchange:JPY=) moved off a seven-year low and after minutes from the Bank of Japan's recent meeting revealed concern over a return of the deflation mindset.

Read More Asian central banks seen eyeing rate cuts Honda Motor (Tokyo Stock Exchange: 7267.T-JP) rallied 1.4 percent as investors shrugged off news that the firm failed to notify U.S. safety regulators of 1,729 claims of injuries and deaths related to accidents in its vehicles since 2003. Sony (Tokyo Stock Exchange: 6758.T-JP) surged over 6 percent after saying that it expects revenue for its electronic devices division to rise by 69 percent over the next three years. Sydney down 0.5% Australia's S&P ASX 200 finished Tuesday lower, hit by declines in copper and gold prices overnight, nearly giving up all of Monday's 1 percent rally. Miners were among the biggest losers; Fortescue Metals traded 5.7 percent lower, while Mount Gibson and BC Iron fell 2.4 and 4 percent, respectively. Medibank Private, Australia's largest initial public offering since Telstra, made its debut at A$2.22 per share, versus its A$2 retail offer price. The sale of the public health insurer is part of Canberra's plan to raise $100 billion to plug the government's deficit.

Read More Fed rate hike victims: Not who you think Seoul eases 0.1% South Korean stocks erased early gains due to mixed trading in blue-chip majors. Samsung Electronics (Korea Stock Exchange: 593-KR) sank over 2 percent on reports that it is considering a shakeup in top management.

Singapore flat Singapore's benchmark index was little changed at 3,334 points despite data showing that the economy grew at a stronger-than-expected pace in the third quarter .