Adding to the upbeat mood was expectations for a Fed rate cut in December after data from private payrolls firm ADP showed US companies shed 11,250 jobs per week on average in the four weeks ended Oct 25.
The figure followed a number of reports pointing to a softening labour market, which is putting pressure on the Fed to cut, even as it looks to keep a lid on stubbornly high inflation.
A report this month from outplacement firm Challenger, Gray & Christmas revealed US layoffs hit the highest level in 22 years in October.
In early Asian trade, Hong Kong, Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Manila were all in the green.
Still, Wall Street was less euphoric, ending on a mixed note, with tech firms struggling to match the soaring performances that have characterised this year.
The Nasdaq ended slightly down and the broader S&P 500 marginally higher, but the Dow closed more than one per cent higher, with observers saying that suggested a shift into industrial sectors.
Tech’s tepid run of late has come amid talk that a bubble has formed in the sector, with some warning it could burst.
“Valuation concerns have intensified as the (S&P 500) index has climbed higher throughout the year,” said Fabien Yip, a market analyst at IG.
“Investors are questioning whether current price levels can be sustained, particularly on stocks boosted by the AI boom if interest rates remain elevated for longer than expected.”
Traders were also spooked by news that Japanese tech investment titan SoftBank had sold all its shares in US chip giant Nvidia for US$5.8 billion, without giving a reason.
Shares in Nvidia fell three per cent, and SoftBank plunged as much as 10 per cent in Tokyo on Wednesday.
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