TOKYO — Most Asian markets bounced back today on hopes that a $700 billion bailout for the U.S. financial system will soon win legislative approval, although doubts persisted about the outlook for the global economy.

Japan's Nikkei 225 index, the benchmark for Asia's biggest bourse, gained 108.40 points, or 1 percent, to close at 11,368.26. On Tuesday, it plunged 4.1 percent to its lowest in more than three years on disappointment that the U.S. House of Representatives had rejected the bank rescue package.

Australian stocks rallied, with the benchmark S&P/ASX-200 index jumping 4.2 percent after sinking 4.3 percent Tuesday. Markets in Taiwan and India also gained.

Otherwise, regional reaction was muted because several markets were closed for holidays, including those in Hong Kong, mainland China, Singapore, Indonesia, Malaysia and the Philippines.

In early European trading, markets were mixed. Britain's FTSE 100 was up 1.4 percent, but Germany's DAX was down 0.1 percent.

Investors took heart from the rebound on Wall Street Tuesday amid expectations that lawmakers will salvage the rescue plan aimed at cleaning up the bad debt mess at banks and other financial institutions. The U.S. Senate was to vote today on a revised bailout plan, with a House revote expected later in the week. In New York, the Dow Jones industrial average surged nearly 500 points after plunging 777 points on Monday.