Japan's Nikkei jumped 4% in early morning trading Thursday, lifting the index out of the bear market it had entered just two days ago.
Hong Kong's Hang Seng and China's Shanghai Composite posted more modest gains, each rising around 1%.
US stock markets staged a miraculous comeback Wednesday following their worst-ever Christmas Eve. The Dow rose 1,086 points, gaining 5%. The S&P 500 also soared 5%, and the Nasdaq was up 5.8%, pulling out of bear market territory.
Wall Street's remarkable rebound is "a welcome breath of fresh air to Asia investors," said Stephen Innes, head of Asia-Pacific trading at online broker Oanda.
"This recovery should put to rest the feverish fear mongering that had investors believing the investment world as we know it is coming to an end," he added.
In Japan, energy stocks led the charge, with major oil refiner Showa Shell Seki soaring as much as 9% Thursday. Engineering and energy exploration company Chiyoda Corp. rose as much as 8.6%.
Major Apple (AAPL) supplier Sunny Optical (SNPTF) boosted the rally in Hong Kong, jumping about 4.5%.
Investors are now looking for stocks that have been oversold in the recent rout.
But despite the Nikkei's morning bounce, Jesper Koll, head of Tokyo-based investment fund WisdomTree Japan, advised caution.
"You want to see longer-term players driving up volumes in the afternoon session to assure it's not a one-day-wonder," he said. "I expect real bargain hunters, especially local pension funds, to put money to work in the afternoon session."
Many of the worries that spooked global investors in the first place are still in play, including China's slowing economy, the US-China trade war and the unpredictability surrounding Brexit.
Some unsettling signals from Washington this week made traders fret about the stewardship of the world's biggest economy.
They included President Donald Trump's attacks on Federal Reserve Chairman Jerome Powell, the partial shutdown of the US government and Treasury Secretary Steven Mnuchin's unusual statement about the country's banks.
Investors shouldn't rule out more volatility in the days ahead, according to Innes.
"Don't get too comfortable, as discussions regarding the various political and policy questions remain hanging in the balance," he said.
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