Asian Shares Mostly Higher Despite Weak Wall Street Cues

(RTTNews) - Asian stocks rose broadly on Wednesday as Fed rate cut hopes prevailed and U.S. President Donald Trump said the United States was close to a trade deal with China.

The U.S. dollar struggled for direction after a measure of U.S. services sector activity slowed in July due to factors such as tariffs and global trade tensions.

Gold edged lower after four days of gains while oil prices rose nearly 1 percent following four consecutive retreats.

China's Shanghai Composite index rose 0.45 percent to 3,633.99 on hopes for Sino-U.S. trade deal.

Trump said the U.S. is getting along with China very well and that he would meet his Chinese counterpart, Xi Jinping, before the end of the year if an agreement is struck.

Hong Kong's Hang Seng index edged up marginally to finish at 24,910.63 ahead of a slew of Chinese economic data and corporate results coming throughout the week.

Japanese markets extended gains from the previous session after a sharp selloff earlier in the week.

The Nikkei average rose 0.60 percent to 40,794.86 while the broader Topix index settled 1.02 percent higher at 2,966.57.

Exporters rose, with Sony Group and Toyota Motor both rising around 2 percent.

Property developer Mitsui Fudosan soared 5.9 percent after reporting strong Q1 earnings growth.

Mitsubishi Heavy Industries surged 4.8 percent to extend gains from the previous session after Australia accepted the heavy machinery maker's bid for a lucrative and hotly contested contract to build Australian next-generation warships.

Chip-making equipment maker Tokyo Electron tumbled 3.8 percent after Taiwanese authorities detained three people for allegedly stealing technology trade secrets from Taiwan Semiconductor Manufacturing Co (TSMC).

Australian markets rose notably to hit a record peak, with banks and miners leading the surge amid expectations of interest-rate cuts by the Reserve Bank of Australia and the U.S. Federal Reserve.

The benchmark S&P/ASX 200 climbed 0.84 percent to 8,843.70 while the broader All Ordinaries index closed up 0.91 percent at 9,111.10.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended little changed at 12,880.16 as new data showed unemployment in the country rose to 5.2 percent in the June quarter of 2025, the highest rate since September 2020.

U.S. stocks ended lower overnight as weaker-than-expected services activity data and new tariff comments from President Trump added to stagflation concerns.

Investors fretted about long-term trade consequences as Trump announced his intention to significantly increase tariffs on India and said that tariffs on semiconductor and chip imports would be announced as soon as next week to boost U.S. manufacturing.

Trump also told CNBC planned tariffs on pharmaceuticals imported into the U.S. could eventually reach as high as 250 percent.

The tech-heavy Nasdaq Composite shed 0.7 percent, the S&P 500 gave up half a percent and the Dow eased 0.1 percent.