Asian stocks largely advanced on Wednesday, recovering from the carnage in the previous session following a modestly positive lead from Wall Street overnight.

The blue-chip Dow Jones Industrial Average and S&P 500 edged up 0.3 and 0.1 percent respectively overnight, while the Nasdaq Composite dropped 0.6 percent after a volatile session.

However, there are analysts who caution on the sustainability of the recovery.

"Some resemblance of calm has emerged, but experience says this may be no more than a dead cat bounce; woefully short-lived and lamentably hollow," Vishnu Varathan, a Singapore-based economist at Mizuho Bank, wrote in a note issued early Wednesday.

"Admittedly, some commodities are firmer but even with an almost 2 percent gain, Brent prices [remain] anemic while copper is only imperceptibly higher. Overnight gains in the U.S. equities are surely nothing to write home about... so any notion [of fading] 'risk-off' sentiment is deserving of a good dose of skepticism," he added.