Meanwhile, the Australian dollar maintained its position near two-month highs following the Reserve Bank of Australia's (RBA) decision to lower interest rates, signaling a cautious approach to future easing.

Australia's central bank cut rates for the first time in more than four years on Tuesday but warned it was too early to declare victory over inflation and was cautious about the prospects of further easing.

The RBA cut its cash rate by 25 bps to 4.10%, initiating a new easing cycle amid easing inflation. Click here to read what this means for Australian equities.