Tokyo

Global shares mostly rose Wednesday after China and the US said they had agreed on a framework for following up on the trade truce reached last month in Geneva.

France's CAC 40 added 0.3 per cent in early trading to 7,830.85, while Germany's DAX edged up 0.1 per cent to 24,063.19. Britain's FTSE 100 rose nearly 0.2 per cent to 8,867.82. US shares were set to drift lower with Dow futures down 0.2 per cent to 42,826.00. S&P 500 futures declined nearly 0.2 per cent to 6,035.50. Oil prices edged higher.

In Asia, Japan's benchmark Nikkei 225 surged 0.6 per cent to finish at 38,421.19. Data from the Bank of Japan showed wholesale inflation slowed in May, meaning there might be less pressure for the central bank to raise interest rates in its next policy board meeting.

Hong Kong's Hang Seng Index gained 0.8 per cent to 24,356.67, while the Shanghai Composite rose 0.5per cent to 3,402.32.

Australia's S&P/ASX 200 lost earlier gains and were little changed, up less than 0.1per cent to 8,592.10.

South Korea's Kospi added 1.2per cent to 2,907.04 as relief set in about Trump's trade policies. Optimism is also growing about the policies of Korean President Lee Jae-myung, who took office last week. He has promised to encourage growth in the local stock market.

Stocks have soared higher since dropping roughly 20per cent below their record two months ago, when President Donald Trump shocked financial markets with his announcement of stiff tariffs that raised worries about a possible recession. Much of the rally has been due to hopes that Trump would lower his tariffs after reaching trade deals with countries around the world.

Analysts said that after two days of discussion in London, the late-night agreement reached appeared to be a consensus on what was already agreed upon before. Even so, Trump's approval is still needed.

“So what did 48 hours of talks actually produce? Apparently, a reaffirmation to eventually do what they had already said they would do. If markets were expecting substance, they got process instead,” said Stephen Innes, managing partner at SPI Asset Management.

US Secretary of Commerce Howard Lutnick said Tuesday evening in London that talks with China were going “really, really well.” Both the United States and China have put many of their tariffs on each other's exports on pause as talks continue.

However, uncertainty over what is to come is still affecting companies and their profit-making abilities.

Benchmark US crude oil gained 24 cents to USD 65.22 a barrel. Brent crude, the international standard, edged up 17 cents to USD 67.045 a barrel.

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The US dollar rose to 145.11 Japanese yen from 144.84 yen. The euro cost USD 1.1420, down from USD 1.1425.