China's trade negotiator says that the two countries reached an agreement on a trade framework after two days of talks.

"The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting," China's Vice Commerce Minister Li Chenggang said.

US stock futures wavered as Wall Street digested the progress on US-China trade negotiations, a fresh legal ruling on President Trump tariffs, and braced for the release of the May inflation report.

India's benchmark indexes are poised to open marginally higher on Wednesday, mirroring gains in other Asian markets on signs of progress in trade talks between the U.S. and its key trading partners such as India and China.

One expert said he expected loosened controls on U.S. exports of semiconductors in exchange for China's releasing of more rare earths.

Officials from the U.S. and China are meeting in London this week to iron out details of a deal that would lower Donald Trump’s levies on imports.

[CNBC] Asia-Pacific markets set to mostly climb after Wall Street gains on optimism over U.S.-China trade talks progress This is CNBC's live blog covering Asia-Pacific markets.