Mainland China share indexes were last trading higher Tuesday. Hong Kong's Hang Seng index was up, too. Elsewhere, Asia indexes were in positive territory after a record-setting day on Wall Street.
Oil hit 13-month highs thanks to optimism about a return in fuel demand.
MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.32 % at 721.53 after climbing as high as 730.16 late last month.
Korea was an early riser, up 0.92% while China blue chips rose 0.49% and Hong Kong nudged up 0.24%. Japan's Nikkei was up 0.36% and e-mini futures for the S&P 500 were up 0.5%.
The early action came after another day of so-called reflation trades around the world, in which international markets bid up stocks, oil and gold while U.S. Treasury yields held near 11-month highs.
"Reflation on the back of U.S. fiscal stimulus and positive vaccine news remains the major theme for markets," strategists at National Australia Bank wrote.
Expectations have been building that inflation would pick up as governments and central banks continue massive spending and easy money policies until officials are certain that their economies will recover from the coronavirus pandemic.
Wall Street reached closing highs Monday as the Nasdaq composite added nearly 1% and the S&P 500 and the Dow Jones Industrial Average gained about 0.75%.
In more volatile cryptocurrency markets, Bitcoin briefly passed $47,000 for the first time, a 20% rise, before paring gains. It was last at $45,669.
Tesla, Inc. said overnight it had invested around $1.5 billion in the virtual currency and expects to accept it as payment for its cars in the future.
Justin d'Anethan, sales manager at digital asset company Diginex, said that so far most of the selling pressure in Asia had been absorbed. "This morning, after over $1.2 billion of leveraged shorts got liquidated, the usual sellers of cryptocurrencies will probably think twice before dumping their coins," d'Anethan said.
Oil prices continued to rise Tuesday to 13-month highs. Brent rose 33 cents, or 0.54%, U.S. West Texas Intermediate crude was at $58.34 a barrel - up 37 cents or 0.64%.
"There is a sense that the glut of oil supply is disappearing more rapidly than anybody thought possible," said Phil Flynn, senior analyst at Price Futures Group in Chicago. "There seems to be a paradigm shift in the market."
Spot gold rose 0.37% to $1,837 an ounce as expectations of a large U.S. economic stimulus package bolstered its appeal as an inflation hedge.
Such expectations hit the dollar index, which dropped back Tuesday after tripping at the end of last week on a weaker-than-expected jobs report. It was last down 0.091% at 90.868.
Against the yen, the dollar was down 0.12% at 105.10.
