Asia, Europe Markets Post Gains

Chinese shares were helped by stronger earnings from China Petroleum & Chemical(SNP Quote), Asia's largest refiner by capacity, and the country's biggest coal producer, China Shenhua Energy. Also comforting investors were signs there was solid demand for stakes in top lender ICBC, sold by foreign companies this week, analysts said.

Hong Kong's Hang Seng gained 2.8%, and Shanghai's main index added 2.8%.

Financial markets in Japan were closed for a national holiday and will reopen Thursday.

Investors sent Asian airline stocks skyward, with Hong Kong's Cathay Pacific taking off 5.6% and Air China soaring over 11%.

Investors around the world will be watching closely statements from the U.S. Federal Reserve after it wraps up a two-day meeting Wednesday. After the bank's $1.2 trillion measures last month to kick start the economy -- including buying Treasury bonds -- the market is not counting on any major announcements. But analysts say the flu outbreak, along with continuing troubles at banks and credit markets, could elicit an unexpected response.

On Tuesday in New York, the consumer reading helped balanced out worries that large banks might need more capital following the government's stress tests. The Dow Jones Industrial Average ended the day down 8.05, or 0.1%, to 8,016.95 after being down as much as 86 ahead of the consumer confidence report.

Broader stock indicators also lost ground. The S&P 500 index fell 2.35, or 0.3%, to 855.16.

Oil prices rose, with benchmark crude for June delivery climbing 81 cents to $50.73. The contract slipped 22 cents to settle at $49.92 overnight.