Australian shares rose 0.4 percent on Wednesday, winning back a good chunk of losses in the previous session, on expectations of more rate cuts after data showed the economy slowed in the third quarter. The Australian Bureau of Statistics reported gross domestic product (GDP) rose 0.5 percent in the third quarter, the slowest pace since early 2011.

The benchmark S&P/ASX 200 index rose 16.8 points to at 4,520.4, according to the latest data, after falling 0.6 percent on Tuesday. New Zealand's benchmark NZX 50 index slipped 0.2 percent to 4,007.25 points. Top banks gained after the rate cut, with Commonwealth Bank advancing 1 percent. Ten Network Holdings Ltd requested a trading halt ahead of an announcement in relation to a proposed capital raising. "The raising will be a bitter pill for shareholders to swallow," said Cameron eacock, strategist at IG Markets.

Copyright Reuters, 2012