Much might depend on whether oil can sustain its recent rally, thus helping to underpin energy stocks and lessen fears of global deflation.
So far on Wednesday, oil prices were down only modestly with bulls seemingly hopeful that industry cuts to investment would lessen the glut of supply in the market.
Benchmark Brent crude oil was off 51 cents at USD 57.40, but that followed a rise of almost 6 percent on Tuesday. U.S. crude was quoted 96 cents lower at USD 52.09, but again that compares with a low last week of USD 43.58.
In share markets, the Nikkei sprang ahead by 2.1 percent while MSCI`s broadest index of Asia-Pacific shares outside Japan rose 1.2 percent.
Australia`s main share index climbed 1 percent to a near seven-year peak as bulls basked in the glow of Tuesday`s cut in domestic interest rates.
Shares in Shanghai firmed 0.4 percent amid speculation that China`s central bank would be the next to ease policy following moves in Australia and Singapore.
A survey suggesting China`s services sector grew at the slowest pace in six months in January only added to the expectations of more stimulus.
One newspaper reported 14 Chinese provinces planned to invest 15 trillion yuan (USD 2.4 trillion) in infrastructure and other projects to help revive growth.
Earlier on Wall Street, the Dow had ended Tuesday 1.76 percent higher, while the S&P 500 gained 1.44 percent and the Nasdaq 1.09 percent.
Greek markets had led the way in Europe on hopes that progress was being made in to progress in the stand-off over the country`s debt mountain.
