Asian stocks ended the day largely in the green on Tuesday after the Bank of Japan left rates unchanged and manufacturing sector purchasing managers' indices from China rose to their highest levels in more than two years.
U.S. futures were recently up sharply, with the Dow Jones mini future up 0.34%, the S&P 500 up 0.40% and the Nasdaq 100 mini up 0.35%. Brent crude was recently up 0.82% at $49.01 per barrel.
Chinese manufacturing PMIs from both Caixin and the National Bureau of Statistics jumped more than expected in October, with the Caixin index rising to 51.2 from 50.1 and the official PMI jumping to 51.2 from 50.4. Both indices signaled that the pace of growth quickened to a 27-month high.
Capital Economics' Julian Evans-Pritchard called the data a "welcome sign that the recent cyclical recovery continued to gain momentum going into Q4," though he noted that faster credit growth is driving the strength and probably won't prove sustainable.
In Hong Kong the Hang Seng soared 1.22% to 23,214.74. On mainland China the CSI 300 composite index rose 0.68% to 3,358.93.
Meanwhile the Bank of Japan and the Reserve Bank of Australia left benchmark rates unchanged, at minus 0.1% and 1.5%, respectively.
The Bank of Japan once again delayed its target for reaching its inflation goal, keeping alive hopes that subdued demand and falling, or only slightly rising, prices will persuade it to launch new stimuli.
The Fed makes its rate call tomorrow, and the Bank of England follows on Thursday.