BANGKOK – Asian shares mostly rose on Wednesday following the conclusion of the U.S. and China trade discussions without an agreement. U.S. futures saw slight gains, and oil prices fell.
China’s leading trade representative stated that during the two-day negotiations in Stockholm, Sweden, both nations agreed to consider extending the Aug. 12 deadline for increasing tariffs on one another. The U.S. officials mentioned that while an extension was a topic of discussion, no decision was reached.
Jamieson Greer, the U.S. Trade Representative, indicated that their delegation would return to Washington to consult with the president on whether to proceed with such an extension.
A looming Friday deadline may see many of Trump’s proposed tariffs on various countries come into effect. Anticipated economic updates, including the latest employment figures, are also expected soon.
“Markets experienced a boost from trade optimism — initially with Japan, then the EU — but that euphoria is fading. As U.S.-China discussions continue in Stockholm, there’s a growing perception that progress has stalled,” said Stephen Innes of SPI Asset Management in his commentary.
Hong Kong’s Hang Seng index shed 0.3% to 25,441.64 while the Shanghai Composite index gained 0.5% to 3,628.53.
The Nikkei 225 index in Tokyo rose slightly by less than 0.1% to 40,687.17. Gains in the electronics sector were neutralized by declines in major exporters like Toyota Motor Corp. and Honda Motor Co.
Australia’s S&P/ASX 200 climbed 0.6% to 8,759.20 and in South Korea, the Kospi gained 0.9% to 3,259.00.
Taiwan’s Taiex rose 0.9% while the Sensex in India edged 0.1% higher.
On Tuesday, U.S. stock indexes edged back from their record levels as a busy week for Wall Street picked up momentum. The S&P 500 fell 0.3% to 6,370.86, while the Dow Jones Industrial Average lost 0.5% to 44,632.99.
The Nasdaq composite was down 0.4% at 21,098.29.
SoFi Technologies jumped 7.4%, but Merck dropped 2.2% and UPS sank 9.2% following a torrent of profit reports from big U.S. companies. They’re among the hundreds of companies telling investors this week how much they made during the spring, including nearly a third of the stocks in the S&P 500 index.
UnitedHealth Group dropped 5.8% after reporting a profit for the spring that fell short of analysts’ expectations. It also gave a forecast for profit over all of 2025 that investors found disappointing. The health care giant said it expected to earn at least $16 per share, when analysts were looking for something close to $20, according to FactSet.
Shares of Novo Nordisk that trade in the United States tumbled 21.3% after the Danish company cut its forecast for sales growth this year, in part because of lower expectations for its Wegovy weight-loss drug amid high competition.
Treasury yields sank as the Federal Reserve began a two-day meeting on interest rates.
Despite pressure from President Donald Trump for lower rates, which would give the economy a boost, the widespread expectation is that the Fed will wait for more data about how Trump’s tariffs are affecting inflation and the economy before making its next move.
The U.S. economy appears to be slowing.
One report on Tuesday said that U.S. employers were advertising fewer job openings at the end of June than a month before, though still more than economists expected. A separate report said confidence rose among U.S. consumers, but a measure of their expectations about the near term remains below the level that typically signals a recession ahead.
In other dealings early Wednesday, U.S. benchmark crude oil picked up 7 cents to $69.28 per barrel, while Brent crude, the international standard, was up 13 cents at $71.82 per barrel.
The dollar fell to 148.13 Japanese yen from 148.48 yen. The euro rose to $1.1554 from $1.1546.
___
AP Business Writers Matt Ott and Stan Choe contributed.
Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
