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The Federal Reserve has announced that most U.S. financial service providers passed an annual stress test designed to assess whether they can withstand a financial shock similar to the financial meltdown of 2008. However, four institutions, including Citigroup ( C , quote ), the third-largest U.S. bank, failed the test.

Nevertheless, markets across Europe responded positively to the announcement along with news that Italy held a successful bond auction.

By midday, London's FTSE had risen 0.35%, the German DAX had surged 1.11% and the French CAC 40 had appreciated 0.73%. The euro slipped 0.08% to $1.3065 and the British pound appreciated 0.03% to $1.5708.

Asia was a more mixed story.

The Shanghai Composite ( YAO , quote ) slumped 2.63%. Speaking at the conclusion of an annual meeting of China's National People's Congress, Prime Minister Wen Jiabao said that while the yuan may be reaching an "equilibrium," the government would work towards allowing the currency to float more freely as part of efforts to reform its currency policy.

Wen also told journalists that his projection of 7.5% growth would put China on a more sustainable pace of economic development.

Meanwhile in Hong Kong, the Hang Sang dipped 0.15%. The territory's main air carrier, Cathay Pacific ( CPCAY , quote ), announced it made $700 million in profits last year, a 61% drop from 2010. The carrier's passenger numbers and cargo shipments have slipped amid the global economic uncertainty.

The Nikkei ( EWJ , quote ) jumped 1.53%. Japanese automakers were up during Wednesday trading, with shares of Toyota and Honda surging 2.05% and 2.74%, respectively.

Seoul's KOSPI ( EWY , quote ) got a boost of 0.99%. Meanwhile, Australian stocks ( EWA , quote ) climbed 0.90% and in Singapore, shares ( EWS , quote ) were up 1.25%.

The Chinese yuan rose 0.08% to 6.3315 to the dollar, while the Japanese yen appreciated 0.81% to 83.56 against the greenback.

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