Asian stocks pared gains after a report suggested Cyprus’ parliament won’t approve a tax on bank deposits needed to secure a euro-zone bailout.

Nikkei 225 12,468.23 +247.60 +2.03%

Hang Seng 22,041.86 -41.50 -0.19%

S&P/ASX 200 4,987.4 -28.00 -0.56%

Shanghai Composite 2,257.43 +17.42 +0.78%

Esprit Holdings Ltd., a Hong Kong-based clothier that counts Europe as its No. 1 market, gained 2.2 percent, paring gains of as much as 5.7 percent. 

Alacer Gold Corp. advanced 2.3 percent in Sydney as gold traded near its highest in three weeks. 

Mainland utilities gained after profit from China Resources Power Holdings Co. beat estimates, raising expectations the group may outperform.