Asian markets rose Friday as renewed optimism about the U.S. economy and China's recent stock gains offset worries about global growth.

The Shanghai Composite Index opened up 1.4%, adding to its 5.3% jump Thursday, its biggest percentage gain in more than a month.

Hong Kong's Hang Seng Index opened up 2.7%, the Nikkei Stock Average was up 2.4%, and South Korea's Kospi gained 1.1%.

Currencies in Asia also strengthened after hitting multiyear lows earlier in the week.

Anxiety about China's slowdown since the world's second-largest economy devalued its currency earlier this month has pummeled emerging markets, global stocks, currencies and commodities. But a strong reading of U.S. gross domestic productâ "which expanded 3.7% in the second quarter, up from an initial estimate of 2.3% growth—renewed optimism about the world's biggest economy, and helped financial markets recover.

Overnight, U.S. stocks soared for the second day in a row. The Dow Jones Industrial Average jumped 369.26 points, or 2.3%, to 16654.77.

A stronger U.S. could gear the Federal Reserve toward increasing short-term rates sooner rather than later, a move that threatens to further sap money flows from emerging markets, including of Asia, to higher yielding assets in the U.S.

But for now, a stronger U.S. eases worries that a deteriorating China is dragging global growth despite Beijing's stepped up moves this week to support it economy. Some expect the recent volatility in global markets to extend the Fed's timeline.

Oil prices soared overnight more than 10% to their biggest percentage gain in six years. In Asia, Brent crude, the international benchmark, was last down 0.3% at $47.40 a barrel.

"There's so much positive in Asia because of lower energy costs," said Arthur Kwong, head of head of Asia ex-Japan equities at BNP Paribas Investment Partners, which manages around €552 billion ($620.8 billion) globally.

He said that his firm has bought Asian shares in the past five sessions, including in India, which he believes has been excessively sold off in the broad rout. India stands to benefit most from lower commodity prices, he said, because of it is a net importer.

India's S&P BSE Sensex is headed for a 4.1% loss this week, among the worst performing major stock indexes in Asia this week.

Currencies in Asia strengthened after hitting multiyear lows earlier in the week on worries of lower Chinese demand for goods of exporting nations.

The Malaysian ringgit was up 0.6% at 4.2050 against the U.S. dollar, having hit a string of successive 17-year lows earlier in the week.

The Korean won, Australian dollar and New Zealand dollar each strengthened by more than 0.2% against the U.S. dollar.

Gold was up 0.3% at $1,125.80 an ounce.

Write to Chao Deng at Chao.Deng@wsj.com

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(END) Dow Jones Newswires

August 27, 2015 22:55 ET (02:55 GMT)