SINGAPORE - Asian shares regained ground on Friday, following Wall Street's overnight lead.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.68 percent, while Japan's Nikkei was trading up 1.53 percent. Australian shares added 0.3 percent, driven by a rebound in tech stocks.

Investors rediscovered their risk appetite overnight after some initial sharp losses, with major US indices posting gains on Wall Street on Thursday, led by tech stocks.

However, US share futures slipped in early Asian trade, with S&P500 e-mini futures losing 0.61 percent and Nasdaq futures down 0.92 percent.

Analysts worry any rallies might be fleeting.

"Biden's sanctions and reluctance to pour troops in is providing some relief. But this conflict is going to be a protracted issue and add to global inflationary pressures that will keep central banks on track for tightening," said Kyle Rodda, analyst at IG Markets in Melbourne.

"It's okay for now, but in the long-term the market will be tracking to the downside," he said.

Oil prices, which jumped when the Russia's special military operation began on Thursday before falling back, rose again on Friday on worries about supply disruptions. Brent crude futures were up 2 percent at $101.20 a barrel, while US West Texas Intermediate crude also rose to $94.46, although both benchmarks were off their highs.

Spot gold, however, fell 0.4 percent to $1,910.96 per ounce, having earlier touched its highest level since September 2020 at $1,973.96 as investors sought safe haven.

The yield on 10-year US Treasuries was at 1.95 percent after an initial slide to 1.84 percent on Thursday, its biggest daily drop since late November.

The US dollar index, which measures the greenback against a basket of major currencies, eased 0.12 percent to 96.98, having risen on Thursday to levels last seen during the first wave of the coronavirus pandemic. The Russian rouble was at 83.43 against the dollar, clawing back from a record low of 89.986.

On Thursday, the Dow Jones Industrial Average closed up 92.07 points, or 0.28 percent, at 33,223.83 while the S&P 500 gained 63.2 points, or 1.50 percent, to 4,288.7 and the Nasdaq Composite added 436.10 points, or 3.34 percent, to 13,473.59.