The U.S. Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming.

Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the U.S., the world's biggest crude consumer, to start replenishing its strategic reserve, putting a floor under prices.

Hong Kong shares of major Chinese electric vehicle makers rose sharply on Thursday after clocking strong delivery figures for April, with Nio Inc (NYSE:NIO) leading gains as deliveries more than doubled from last year.

Asian stocks were a mixed bag on Thursday as fears of U.S. interest rates remaining high for longer remained in play, although the Federal Reserve did downplay any expectations for further interest rate hikes. 

Japanese industrial production grew more than expected in March, preliminary data showed on Tuesday, indicating some relief in the country;s manufacturing sector after two straight months of declines.

Japan's factory output grew more than expected in March, government data showed on Tuesday, thanks largely to automakers resuming production after safety scandals.