Asian shares have joined a global rally to reach their highest in a decade this morning, as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped closer to a recent 2-1/2 year top.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4% to Wednesday's 1.3% rise - the biggest gain in eight months, supported by energy and technology sectors.

The index has been on an uptrend most of this year, posting a monthly loss only once in 2017.

For the year so far, it is up about 33%, on track for its best annual performance since a 68% jump in 2009.

Hong Kong's Hang Seng is up 35.5% year-to-date while China's CSI 300 has risen 27.4% so far in 2017.

Pointing to a positive start for European and US shares, both FTSE futures and S&P E-mini futures inched higher.

The S&P 500 had closed at a record high yesterday.

"These returns underscore the synchronised, above-trend global economic expansion and robust earnings growth in emerging market (EM) countries, led by Asia," said Andrew Swan, head of Asian and global EM equities at BlackRock Investment.

"We believe these factors still have the potential to propel stock prices even higher, though not at the current rate or in a straight line."

Every Asian stock market was in the black this morning, a rare occurrence. Japan's Nikkei was up 0.5%, South Korea's KOSPI climbed 0.4% and Australia's benchmark S&P/ASX 200 index inched higher towards critical chart level of 6,000 points.

A strengthening global economy has fed an insatiable appetite for equities this year, with Asia's trade-dependent nations enjoying robust overseas sales in a boon to corporate earnings.

But some money managers are starting to feel the jitters as the bullish consensus grows, among them French investment house Societe Generale.

"A low volatility... with rather an extreme positioning is a dangerous combination, which we recently likened to dancing on the rim of a volcano," SocGen said in a note, predicting the S&P 500 will fall back to 2,000 by 2019 from 2,599 now.