Stocks in Asia rose on Wednesday following positive developments overnight on the U.S.-China trade front.
Mainland Chinese stocks gained on the day, as the Shanghai composite rose 0.96% to 2,917.80 and the Shenzhen component gained 1.38% to 8,925.73, while the Shenzhen composite added 1.475% to 1,526.77.
Australia’s S&P/ASX 200 also gained 1.19% to finish its trading day Down Under at 6,648.10, with almost all sectors higher. The materials subindex rose 1.51% as mining shares advanced: Rio Tinto gained 1.94%, Fortescue Metals Group jumped 2.82% and BHP added 2.04%.
In Japan, the Nikkei 225 jumped 1.72% on the day to 21,333.87 as shares of conglomerate Softbank Group soared 4.03%. The Topix index also added 1.74% to finish its trading day at 1,555.27. Apple supplier Japan Display saw its stock surge 10.91% following a Wall Street Journal article that said Apple may help the display maker.
Data on Wednesday, however, showed Japan’s exports exports declined 7.8% in May from a year earlier, down for the sixth straight month.
“For the Bank of Japan and for policymakers, the message is very, very clear: the industrial part of the Japanese economy is in recession, ” Jesper Koll, senior adviser at WisdomTree Investments, told CNBC’s “Squawk Box” on Wednesday.