Asian stocks edged up on Thursday after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank later in the day as global policy makers step up efforts to support their wobbly economies.
A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS nudged up 0.1 percent. Japan's Nikkei .N225 climbed 1 percent and Australian shares added 0.2 percent. South Korea's KOSPI .KS11 rose 0.3 percent.
The focus now moves to the ECB, which had already cut rates into negative territory.
"The ECB is tonight widely expected to increase the amount of securities it buys from the market each month, as well as moving interest rates further into negative territory," wrote Michael McCarthy, chief market strategist at CMC Markets.
US equities closed marginally higher ahead of the key ECB monetary policy decision tonight. The Dow Jones edged 36.26 points higher, the S&P500 rose 10 points, whilst the Nasdaq gained 25.55 points.
There were wins for energy (+1.5%), tech (+1%), materials (+0.7%) and staples (+0.7%) whilst telecoms were the only sector to close lower, down 0.3%.
- European shares posted modest gains ahead of the ECB. The FTSEurofirst 300 Index gained 0.5%, the German Dax lifted by 0.3% whilst the UK FTSE also rose 0.3%.
Reference: Reuters, MKS Group
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