Asian markets firm; Seoul Composite, Straits Times up

Asian equity markets rose on Wednesday after the S&P 500 index closed above the 2,000 mark for the first time ever.

Wall Street's record gains overnight were sparked by better-than-expected reports that cast a favorable light on the economy. Consumer confidence hit its highest level since 2007 in August while durable goods orders posted their biggest gain on record in July.

On the geopolitical front, news that Israel and militant groups in Gaza agreed to halt all fighting in the war-torn region also added to the optimistic mood. However, there was no breakthrough in talks between leaders of Russia and Ukraine on Tuesday, but both sides agreed that there was an urgent need to de-escalate the conflict in eastern Ukraine.

China's Shanghai Composite was up 0.20 percent or 4.45 points at 2,211.55. Hong Kong's Hang Seng added 0.08 percent or 18.85 points at 25,093.35.

Japan's Nikkei was flat at 15,528.97. Singapore's Straits Times jumped 0.34 percent or 11.25 points at 3,334.27.

South Korea's Seoul Composite added 0.55 percent or 11.42 points at 2,079.47. Taiwan's Taiwan Weighted rose 0.64 percent or 60 points at 9,453.96.

(with inputs from cnbc.com)