Australia's ASX 200 gained 0.14 percent to close at 6,049.8, with most sectors higher.
Shares of the country's largest private education company Navitas ended the trading day higher by 21.84 percent after the company earlier announced it had received a 1.97 billion Australian dollar ($1.4 billion) buyout offer from a consortium.
"Navitas has been going sideways and as a result the share price hasn't gone anywhere," Morningstar analyst Gareth James told Reuters. "A private equity firm can come in and change the strategy, make it growth-orientated, possibly do some M&A and bring it back to the market in a couple of years."
In Japan, the Nikkei 225 bounced back to close higher by 0.16 percent at 23,506.04 after being in largely flat territory earlier, while the Topix also ended the trading day up by 0.16 percent at 1,763.86, with most sectors seeing gains.
Earlier in the day, data showed that core machinery orders in Japan rose above expectations in August, suggesting possible growth in capital expenditure.
In the Greater China region, the Hang Seng index in Hong Kong saw a slight gain to close at 26,193.07.
Over on the mainland, the Shanghai composite saw a rebound, advancing by 0.18 percent to close at around 2,725.84. The Shenzhen composite, on the other hand, declined by 0.147 percent to end the trading day at about 1,383.05.
South Korea's Kospi also closed lower, slipping by 1.12 percent at 2,228.61.
Poll finds forecast of yuan recovery
A "temporary truce" between the U.S. and China is possible, Sim Moh Siong, a currency strategist at the Bank of Singapore, told CNBC Wednesday. That could pave the way for a stabilization in the renminbi and "perhaps a bit of strengthening," he said commenting on the poll.
"Potentially in a year's time (we) could see a ... cooling down of the red hot U.S. growth and that could undermine the dollar strength we are seeing right now," he said.
As of 4:05 p.m. HK/SIN, the onshore Chinese yuan was at 6.9185 against the dollar while the offshore yuan traded at 6.921. The People's Bank of China had earlier set the midpoint for onshore trade at 6.9072 for the day.
Trump voices displeasure with Fed interest rate policy
The U.S. central bank last raised its benchmark interest rate by a quarter point in September, while raising its expectations for economic growth for this year and next.
"What's happening in the U.S. is very different than what's happening abroad. We have this sort of dissonance where the U.S. is now at a point in time where growth is accelerating and the Fed feels like it's chasing that growth upward and in fact, every forecast it has it keeps marking up the forecast on growth," Diane Swonk, chief economist at Grant Thornton, told CNBC on Wednesday morning.
At the same time, the Japanese yen traded at 113.08 against the dollar, while the Australian dollar pared some of its earlier gains but remained higher at $0.7109 following an overnight rally.
In oil markets, prices remained lower in afternoon trade in Asia. As of 4:08 p.m. HK/SIN, the global benchmark Brent crude futures contract declined by 0.26 percent to $84.78 per barrel, while the U.S. West Texas Intermediate (WTI) crude futures contract saw a partial recovery from its earlier losses but remained lower by 0.28 percent at $74.75 per barrel.
— CNBC's Thomas Franck and Reuters contributed to this report.
European stocks lower as political uncertainty takes center stage
Investor sentiment has taken a hit this week after an IMF report lowered its global gross domestic product forecast for both this year and next. In the United States, fears that the Federal Reserve is ready to push the cost of borrowing higher has also had a knock-on effect to global markets.
The FTSE 100 in London closed lower by around 1 percent while Germany and France's main markets both shed around 2 percent in overall value.
Looking at individual companies, shares of luxury firms filled the bottom of the Stoxx 600 Wednesday. LVMH ended down by 7.14 percent after reporting a slowdown in sales. Other luxury brands were also below the flatine, with Moncler off by 10.85 percent and Kering down by 9.62 percent. According to Reuters, Morgan Stanley cut its EU luxury goods sector rating to "underweight."
Wirecard sat at the bottom of Europe's main index after slipping more 14.2 percent. The German tech firm giving up all and more of Tuesday's strong gains.
Are we entering the beginning of a bear market for bonds?
Not a Scientific Survey. Results may not total 100% due to rounding.
The Dow Jones industrial average traded 400 points lower by the European close as Intel and Microsoft fell more than 1.5 percent each. The Nasdaq Composite dropped 2.3 percent.
Elsewhere, Brexit continues to be an area of focus for the market, as the U.K. government faces pressure to reach a divorce deal with the European Union before the end of the year. Britain's Society of Motor Manufacturers and Traders, a trade body representing the automotive sector, launched a contingency plan called the "Brexit Readiness Program" on Wednesday, aimed at protecting the industry's supply chain.
On the data front, U.K.growth numbers showed a pick up in economic activity over the summer. In the three months to August, GDP was 0.7 percent higher than the previous quarter, the Office for National Statistics said.
Dow plummets 750 points in worst drop since March
The Dow Jones Industrial Average traded 800 points lower as Intel and Microsoft fell more than 3 percent each. The Nasdaq Composite plummeted 4 percent.
The S&P 500 dropped 3.2 percent, with the tech sector underperforming. The broad index was also headed for a five-day losing streak — which would be its longest since late 2016 — and fell below its 50-day moving average, a widely followed technical level.
The Dow was on pace for its worst day since February.
Stocks have fallen sharply this month. For October, the S&P 500 and the Dow are down more than 3.6 percent and 2.5 percent, respectively. The Nasdaq, meanwhile, has lost more than 6.5 percent.
Rising rate fears and a pivot out of technology stocks have made it a rough last few days. The Dow has dropped four of the last five sessions, losing nearly 900 points over that span.
Shares of Amazon declined nearly 4 percent on Wednesday, while Netflix slid 6.3 percent. Facebook and Apple also fell more than 2 percent each. These stocks are top performers for the year and for most of the bull market.
"People are getting out of the high-flying tech names right now," said Larry Benedict, CEO of The Opportunistic Trader. "I think people are under-hedged; there could be more pain ahead."
"Portfolio managers tend to move to the sidelines in a skittish tape out of fear of suffering from a quick and sharp pullback," said Jeremy Klein, chief market strategist at FBN Securities.
"The fundamental environment, though, remains supportive of share appreciation. I contend that the concerns of rising interest rates are largely overblown. Specifically, I do not anticipate much more of an increase in longer dated Treasury yields," he said.
Rates rose on Wednesday after the U.S. government released data showing a rebound in producer prices last month. The producer price index rose 0.2 percent in September and is up 2.8 percent on a year-over-year basis. The index is a widely followed metric of inflation.
But "there are just too many concerns about the rise in input costs," said Art Hogan, chief market strategist at B. Riley FBR. "Ongoing concerns about the stronger dollar and trade are being input into corporate guidance, and that is not good."
"This goes back to the assumption that the market made wrongly ... that once we got NAFTA 2.0 done, we'd pivot to China," he said. But "the rhetoric on China has only gotten worse, not better."
Stocks also fell as their European counterparts dropped on worries over Italy's budget. The Stoxx 600 index fell 1.6 percent, while the German Dax dropped 2.2 percent. France's CAC 40, meanwhile, pulled back 2.1 percent.
— CNBC's Alexandra Gibbs contributed to this report.