Some encouraging comments by ECB President Mario Draghi will also give risk appetite a boost. ECB President Mario Draghi said the ECB's bond buying program had eased market tensions, adding that the central bank is ready to buy the bonds of euro zone member countries that ask for it, leaving the door open to a widely expected Spanish bailout.
But trading will likely remain cautious ahead of the key U.S. nonfarm payrolls report due later today. Market volume will also remain thinner than usual, with China shut for a public holiday.
On Friday, investors will be keeping an eye out for the Bank of Japan's policy decision, as well as South Korean tech giant Samsung Electronics' guidance.
Japan's Nikkei share average is set to open higher. Nikkei futures in Osaka closed at 8,840. The index rose 0.9 percent on Thursday to finish at 8,824.
Seven & I Holdings' will be in focus. It reported after the market close on Thursday that quarterly operating profit fell 2.5 percent as weaker sales at its supermarkets offset growth from its convenience stores, leading Japan's top general retailer to trim its annual outlook.
Australian shares are set to open higher with resources stocks likely to underpin gains after U.S. data suggested improvement in the labor market ahead of a closely watched monthly payrolls report later on Friday.
Local share price index futures rose 0.2 percent to 4,469 points, an 18.6-point premium to the 4,467-point close of the underlying S&P/ASX 200 index [AU;XJO 4452.40 --- UNCH ] on Thursday.
Miners are seen gaining ground after commodities prices gained in the overnight session, with brent crude rallying 4 percent and gold prices rising 0.7 percent to its highest price in 11 months.
New Zealand's benchmark NZX 50 index finished 0.2 percent or 7.6 points lower to 3,882.
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