Consumer staples stocks advanced 0.6% at midday Thursday, after the US Federal Reserve decided to hold monetary policy settings steady at its June meeting. It said it expects to cut rates two times this year.

Australia's seasonally adjusted unemployment rate came in at 4.1% in May, unchanged from April, according to data from the Australian Bureau of Statistics.

The Hydration Pharmaceuticals (ASX:HPC) said its unaudited net sales in May came in at $308,000, up 34% from its April net sales of $229,000, and 18% year-over-year from $280,000. May was the firm's fifth consecutive month of earnings before interest, taxes, depreciation, and amortization improvement.

On the flip side, the materials sector struggled, shedding 1.6%. Iron ore futures continued to slide in Singapore, falling 0.2% to $92.6 per tonne.

Rio Tinto Group (ASX:RIO) agreed to pay $138.75 million to settle a proposed class action lawsuit alleging that it defrauded investors by concealing problems with the timing and budget of the underground expansion of the Oyu Tolgoi copper-gold mine in Mongolia. A preliminary settlement, which requires court approval, was filed with the US District Court in Manhattan.