Asian shares rally on central bank action Asian shares rebounded after suffering big losses in the previous session, regaining some poise as investors focused on hopes for stimulus measures from policy makers to bolster the global economy. The FTSE Asia Pacific index gained 1.4 per cent after a four-day losing streak that left the regional index at its lowest level this year. Investors were awaiting a conference call between the leaders of the Group of Seven richest industrialised nations later in the day to discuss the eurozone crisis. Meanwhile, the European Central Bank's policy decision is on Wednesday while Ben Bernanke, US Federal Reserve chairman, delivers congressional testimony on Thursday. Hopes that policy makers will take action to address the eurozone crisis and support the faltering global economy prompted investors to pick up some bargains in the equity market on Tuesday. Australian energy producers advanced after the Reserve Bank of Australia cut interest rates to 3.5 per cent from 3.75 per cent. Woodside Petroleum surged 3.8 per cent to A$32.03 and Beach Energy jumped 10.1 per cent to A$1.03 after Nymex oil futures rose above $84 a barrel. Metals and mining stocks also surged. Iluka Resources climbed 6.7 per cent to A$12.68 and BHP Billiton rose 1.3 per cent to A$31.16. Bucking the trend, Qantas Airways sank 18.7 per cent to A$1.15 after warning that annual pre-tax underlying profit could plunge as much as 90 per cent. The S&P/ASX 200 index climbed 1.5 per cent to 4,043.69. In Tokyo, technology shares gained ground led by Canon, which climbed 3.4 per cent to Y2,991 on its plans to buy back up to Y50bn of its outstanding shares. Mazda Motor led carmakers higher after several sessions of losses, climbing 5.6 per cent to Y94. Mazda has lost nearly 10 per cent since announcing a reorganisation - including job cuts - aimed at returning the company to profit after four years of annual losses. The Nikkei 225 gained 1 per cent to 8,382. Meanwhile, the broader Topix, which on Monday slid into bear market territory - down more than 20 per cent from its most recent cyclical peak, was up 1.8 per cent. Investors picked up bargains in Hong Kong, but there remained a cautious tone as its exposure to the slowdown in mainland China weighed on sentiment. The Hang Seng index edged 0.4 per cent higher to 18,255.49. Sands China's first two trading days as a constituent of the benchmark index were two extremes. On Monday it was the worst performer, losing 4.8 per cent after its target price was downgraded by Deutsche Bank. On Tuesday, however, the casino and hotels operator regained 3.8 per cent to HK$26. Wharf Holdings, the property and logistics company, climbed 1.4 per cent to HK$39.80 after the government renewed the lease on its container terminal. Property shares were also higher in Shanghai, with strong sales numbers from China Vanke boding well for the real estate sector. China Vanke, the country's largest property developer by sales, gained 0.8 per cent to Rmb9.11 after reporting a 19 per cent jump in sales in May. The Shanghai Composite index climbed 0.2 per cent to 2,311.92.