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Asia-Pacific markets climbed Wednesday as investors continue to track trade discussions between the U.S. and China, which U.S. Commerce Secretary Howard Lutnick described as being “productive.”
The superpowers have reached an agreement on trade, representatives from both sides said.
“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” Lutnick told reporters. That echoed comments made to reporters by Li Chenggang, China’s international trade representative and a vice minister at China’s Commerce Ministry.
The talks had continued for a second day in London on Tuesday. U.S. Treasury Secretary Scott Bessent said he was departing the ongoing trade talks, but Lutnick and U.S. Trade Representative Jamieson Greer would remain to continue the negotiations. Discussions could extend into Wednesday if needed, Lutnick said previously.
Japan’s benchmark Nikkei 225 moved up 0.25% while the broader Topix index dipped by 0.1% in choppy trade.
In South Korea, the Kospi index advanced 0.98%, while the small-cap Kosdaq popped 1.22%.
Australia’s S&P/ASX 200 increased by 0.44% in early trade, surpassing its record-high close in the previous session.
Futures for Hong Kong’s Hang Seng index stood at 24,111, pointing to a weaker open compared to the HSI’s last close of 24,162.87.
U.S. stock futures were near the flatline in early Asian hours, as investors waited for more insight on trade discussions, as well as the release of May’s U.S. consumer inflation report.
Overnight stateside, all three key benchmarks rose on hopes for a positive resolution on the trade talks.
The Dow Jones Industrial Average added 105.11 points, or 0.25%, and closed at 42,866.87. The S&P 500 rose 0.55% to end at 6,038.81, while the Nasdaq Composite gained 0.63% and settled at 19,714.99. It was the third positive session for both indexes.
— CNBC’s Kevin Breuninger, Pia Singh, Alex Harring contributed to this report.
