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Asian shares rose on Wednesday, but gains were capped by a cut to Spain's sovereign credit rating from Moody's Investors Service that kept investors' risk appetite in check.
A rise in US stocks and a report that Europe will strengthen the region's rescue fund helped improve sentiment, with spreads over a key Asian credit default swaps index narrowing several basis points.
But bearish technicals remained in place to suggest investors were still wary about buying riskier assets.
"It's a familiar pattern these days, to sell stocks whenever there's bad news from Europe and buy them back whenever there's good news, but investors are getting tired of it," said Kenichi Hirano, operating officer at Tachibana Securities, adding that this was one reason for recent thin trade.
MSCI's broadest index of Asia Pacific shares outside Japan rose 0.5%, while the Nikkei stock average opened up 0.8%.
Moody's, one of the big three ratings agencies, on Tuesday cut Spain's sovereign ratings by two notches, saying high levels of debt in the banking and corporate sectors leave the country vulnerable to funding stresses.
The latest step followed Moody's warning on Monday over risks for France to maintaining its top credit rating.
A report on Tuesday by Britain's Guardian newspaper that France and Germany had agreed to boost a euro zone financial rescue fund to 2 trillion euros was later denied by a senior euro zone source, who told Reuters there had been no mention of such a deal.
The MSCI world equity index ended up 0.21% on Tuesday, as US stocks rose following the euro zone report, which saw big banks rally despite disappointing results.
Banks' earnings underscored the damage inflicted by the global financial turmoil, with Goldman Sachs Group Inc posting its second quarterly loss as a public company on Tuesday as its investment portfolio lost billions of dollars in value.
Bank of America Corp posted a third-quarter profit on accounting gains, but its main businesses struggled as income from lending and investment banking fell.
After the US stock market close, index futures sold off following weaker-than-expected quarterly results from Apple Inc.
In Asian credit markets, spreads on the iTraxx Asia ex-Japan investment grade index , a gauge for whether investor risk appetite is returning, narrowed by about 5 basis points, reflecting a rise in equities.
But other gauges of risk appetite, such as cross-yen currency pairs, showed sentiment remained cautious.
The euro and the Australian dollar failed to break this week's highs against the yen and have fallen back to levels a week ago.
The euro dipped 0.1% against the dollar after Moody's cut Spain's sovereign rating. The dollar index, which measures its performance against six major currencies, inched up.
Gold, traditionally a safe-haven metal, slumped 1% in the last two sessions, reviving an inverse correlation to the dollar. Gold was down 0.1% on Wednesday.
A double top on charts, based on the two recent highs formed in late August and early September, prompted technical analysts to turn bearish on the metal's near-term outlook.
Oil prices fell, with Brent crude down 0.2% to USD 110.93 a barrel, while US crude futures fell 0.3% to USD 88.02.