Asian shares soared today for the first increase in five days after the U.S. companies released their first quarter earnings beside signs of an improving U.S. housing market.

Moreover, Markets will be looking for the Federal Reserve's economic assessment and clues to future policy, including the probability of a third round of quantitative easing.

On the other hand, worries are still over the euro zone staying in a recessionary phase longer than expected and a slowdown in the Chinese economy have also been undermining sentiment, but U.S. earnings so far have proven stronger than expected.