Japan's Nikkei is up 1.5 per cent on Thursday after sliding 2.5 per cent on Wednesday. Photo: AP PHOTO

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.

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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 or

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