OVERNIGHT

Shares in Asia rose Monday, as a rebound in the price of oil boosted energy shares.

Storms are supposed to have silver linings and it appears that the blizzard that hit the eastern part of the U.S. over the weekend and a European cold front helped push oil prices higher overnight in Asia. Couple that with the ECB's statement at Davos last week about possible further monetary stimulus and investors apparently viewed both as a glimmer of hope.

Monetary stimulus is still the market drug of choice as both the Fed and the Bank of Japan hold policy meetings this week. No specific actions are expected, but after the rocky past couple weeks, excluding last Friday, a little of the correct jawboning could provide even more temporary relief. Here's a brief report from Reuters.

The Shanghai Composite Index SHCOMP, +1.03%   gained 0.5%, while the Hang Seng Index HSI, +1.83%   rose 1.4%. Japan’s Nikkei Stock Average NIK, +0.84%   rose 0.4%, Australia’s S&P ASX 200 XJO, +1.65%   gained 1.2% and South Korea’s Kospi SEU, +0.86%   was up 1%.

Investors were buying again after weeks of steep losses — a monthslong slump in oil, uncertainty about the magnitude of an economic slowdown in China and concerns about whether that spills over and restrains U.S. growth have plagued stocks since the start of the year.

But expectations for central banks to possibly introduce fresh monetary stimulus are gaining steam, helping a recovery from last Friday firm up. In particular investors are speculating that the Bank of Japan will announce measures at its meeting later this week, on Jan 28-29.

Meanwhile, energy stocks in Australia and Hong Kong were up more than 2%, after oil prices climbed back above $32 a barrel.

In the U.S. on Friday, the S&P 500 rose 2%, helped by a rebound in oil prices that boosted energy stocks, and a lift in iron ore prices. The Nasdaq Composite closed up 2.7%.

Still, some analysts were wary.

“It should be noted that the Bank of Japan has consistently disappointed the market expectations for further easing over the past couple of months, and they are more likely than not to leave their policies unchanged,” Angus Nicholson, market analyst at brokerage IG said.