Asian stocks are holding at near three-week lows while oil prices have jumped by nearly two percent.

The Morgan Stanley Capital International indexes -- MSCI's broadest index of Asia-Pacific shares outside Japan -- is in slightly positive territory after falling to its lowest level since March 16. The index dropped 1.6 percent overnight, its biggest fall in almost two months.

Risky global assets have staged a smart recovery since February on hopes that Beijing can successfully avert a sharp slowdown.