Asia markets set to rebound after steep selloff; investors watch China’s ‘Two Sessions’

Asia-Pacific markets were set to open higher Thursday, rebounding after several days of steep losses as sentiment improved following overnight gains on Wall Street and easing concerns over surging oil prices.

Australia's S&P/ASX 200 started the day 0.63% higher.

Japan's Nikkei 225 futures pointed to a stronger open, with the Chicago contract at 56,360 and its counterpart in Osaka at 56,380 compared with the index's last close of 54,245.54.

Hong Kong Hang Seng index futures were at 25,534, higher than the last close of 25,249.48.

Investors will also be monitoring South Korean stocks after the benchmark Kospi index plunged 12% on Wednesday, its worst single-day decline.

All eyes are also on China's big policy meeting dubbed the "Two Sessions," which kicked off on Wednesday, with top policymakers due to release growth targets and stimulus plans for the year.

Overnight in the U.S., stocks rose, building on the momentum seen late in the previous session, as the surge in oil prices pulled back following developments in the U.S.-Israeli war on Iran and fears about a U.S. economic growth scare faded.

The Dow Jones Industrial Average added 238.14 points, or 0.49%, to close at 48,739.41. The 30-stock index snapped a three-day run of losses. The S&P 500 gained 0.78% and ended at 6,869.50, while the Nasdaq Composite moved 1.29% higher and settled at 22,807.48.

Technology stocks supported the broader market, particularly those in the chips space. Micron Technology and Advanced Micro Devices each advanced more than 5%. Broadcom and Nvidia climbed more than 1% apiece.