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Australian shares are expected to extend gains on Wednesday amid hopes of limited disruption from the Omicron coronavirus variant, with sharp rises in the price of iron ore and oil expected to boost commodity stocks.

Japan's Shikoku Electric Power has restarted the No. 3 reactor at its Ikata nuclear power plant in western Japan, a spokesperson said on Wednesday, after scheduled maintenance, court cases and a violation of security regulations caused a long shutdown.

Asian shares extended gains on Wednesday, continuing a global relief rally as markets found positive news in early reports about the potential impact of the Omicron variant, although overnight advances in oil prices began to peter out.

Australian shares notched their best session in more than two months on Wednesday, as surging commodity prices propelled miners higher, while easing fears surrounding the Omicron coronavirus variant lifted banks and aided broader sentiment.

($1 = 6.3538 Chinese yuan renminbi)

The Australian and New Zealand dollars were trying to sustain a rare rally on Wednesday as markets wagered the Omicron strain would not derail the global economic recovery, giving a boost to risk sentiment and commodities.

China stocks extended gains on Wednesday as the reserve requirement ratio cut kept investor sentiment buoyed, with consumer staples and chipmakers leading the rise.

Gold prices rose on Wednesday as the dollar and U.S. Treasury yields eased, with investor focus shifting to key inflation data due this week that could influence the Federal Reserve's decision to taper its stimulus at a faster pace.

Gold prices rose on Wednesday as the U.S. Treasury yields and the dollar eased, with investor focus shifting to key inflation data due this week that could influence the Federal Reserve's decision to taper its stimulus at a faster pace.

Project will promote "greening" of community, provide jobs, educational & research opportunities