The policy plans outlined by Xi during his Tuesday speech included reducing tariffs for autos and improving intellectual property rights protection. China wants to increase its imports and would accelerate plans to open up the financial services sector, Xi claimed.
Those comments, which allayed some fears of a U.S.-China trade war, boosted market sentiment in the last session, even though analysts said the measures highlighted by Xi were largely in line with his previous policy messaging.
On Wednesday, futures tipped a higher open for Japanese equities, with Nikkei futures traded in Chicago up 0.39 percent at 21,880 compared to the index’s last close.
Australian SPI futures were mostly flat at 5,841.
The safe-haven Japanese yen slipped amid the improvement in investor confidence overnight. Against the yen, the dollar was firmer at 107.20 at 6:52 a.m. HK/SIN, compared to levels around the 106.9 handle seen before Xi’s speech.
The Australian dollar was also supported by the pick up in market sentiment and last traded at $0.7766. Meanwhile, the dollar index, which tracks the dollar against the six currencies, stood at 89.587 at the end of Tuesday.
On the commodities front, oil prices jumped in the last session as trade concerns ebbed.