Investing.com - Asian shares gained on Wednesday as China's leadership met for a crucial meting that will determine policies and officials in place over the next five years.
Japan's Nikkei 225 inched up 0.05%, while Australia's S&P/ASX 200 gained 0.11%. Rio Tinto (LON:RIO) was charged with fraud by the U.S. Securities and Exchange Commission, Reuters reported.
The mining company had allegedly inflated the price of assets in Mozambique, Rio Tinto said in a statement that it would "vigorously defend itself" against the "unwarranted" case brought by the SEC. Shares of the miner traded in Australia were off 0.08%.
In Greater China, the Hang Seng index rose 0.03% and the Shanghai Composite gained 0.27% as the 19th National Congress of the Communist Party of China commenced in Beijing.
President Xi Jinping highlighted achievements made by China in recent years, but acknowledged challenges that remained ahead. Xi also touted the results of his anti-corruption drive and reiterated Beijing's stance on Taiwanese independence.
Ahead, key data from the world's second-largest economy, including September industrial production and third-quarter GDP numbers, are due on Oct. 19.
Overnight, the rally on Wall Street continued for a second straight day as investors piled into equities anticipating bullish earnings from companies amid a raft of better-than-expected earnings reports.
The Dow Jones Industrial Average closed higher at 22,997.44. The S&P 500 closed 0.05% higher while the Nasdaq Composite closed at 6623, down 0.01%.
Healthcare stocks were the best performing sector of the day, after UnitedHealth Group Incorporated (NYSE:NYSE:UNH) reported better-than-expected earnings, lifting the broader market higher.
A slump in Financials, however, weighed on upside momentum despite earnings reports from both Goldman Sachs Group Inc (NYSE:NYSE:GS) and Morgan Stanley (NYSE:NYSE:MS) that beat estimates on both the top and bottom lines.
"We've had some good earnings reports and third-quarter estimates continue to go higher," said Mike Baele, managing director at U.S. Bank Private Client Reserve. "I think we're poised to have another good earnings season."
On the economic front investors cheered data pointing to underlying strength in the U.S. economy.
U.S. import prices for September recorded their biggest increase in more than a year rising 0.7% for month, the Labor Department said Tuesday. That beat expectations for a 0.5% rise.
U.S. industrial output rose 0.3% in September as construction and utilities production recovered following the impact of Hurricanes Harvey and Irma last month, the Federal Reserve said on Tuesday. Manufacturing production rose 0.1% in September.