Asian stock markets are trading higher on Wednesday following the steepest U.S. rally in a year, amid speculation Europe's central bank would add stimulus and as Apple Inc.'s record holiday sales forecast buoyed optimism about US company earnings. Japan's benchmark index, Nikkei 225 went up 242.29 points or 1.64 percent to trade at 15,046.57.

While China's benchmark index, Shanghai Composite rose 1.11 points or 0.05 percent to trade at 2,340.76. The index has witnessed a high of 2,343.86 and a low of 2,334.54 after opening at 2,339.22 (10:17pm EDT).

Hong Kong's Hang Seng rose 149.43 points or 0.65 percent to trade at 23,238.01. The index has recorded a high of 23,300.45 and a low of 23,193.48 after opening at 23,300.45 (10:16pm EST).

Singapore's Straits Times was unchanged to trade at 3,202.74. The index has recorded a high of 3,202.74 and a low of 3,180.40 after opening at 3,182.86 (09:22pm EST).

South Korea's KOSPI went up 15.91 points or 0.83 percent to trade at 1,931.19. The index has seen a high of 1,936.99 and a low of 1,924.21 after opening at 1,936.91 (10:31pm EST).

Taiwan's TAIEX went up 101.89 points or 1.18 percent to trade at 8,756.53. The index has seen a high of 8,770.37 and a low of 8,729.77 after opening at 8,744.91 (10:12pm EDT).