Asian stocks climbed on Wednesday after the Trump administration de-escalated its trade war with China, providing relief to risk assets that had been under pressure earlier in the week. Treasuries edged higher and the yen rose.
Stocks in Hong Kong and Korea outperformed, while Japan’s Topix index also rose after the S&P 500 Index had its biggest intraday gain in more than two months.
Washington said it was delaying until mid-December the 10% tariff on some Chinese-made products that are high on many holiday-shopping lists such as phones, laptops and toys. The offshore yuan slipped along with the Australian dollar as Chinese data came in softer than expected.