Asia shares have risen, reversing a steep sell-off from the previous session after better-than-expected US economic data drew investors back into markets trading near record highs.

Yields on US Treasuries meanwhile held overnight gains as traders further trimmed bets of a Federal Reserve rate cut in December, which in turn kept the dollar supported near a five-month peak.

Data on Wednesday showed the US services sector activity increased to an eight-month high in October as new orders grew solidly, while private payrolls rose 42,000 in October, exceeding expectations.

"We actually are not too worried about the job market," said Keiko Kondo, head of multi-asset investments for Asia at Schroders.

"Market is tight, companies are probably investing more in technology, probably not necessar

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