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Asian markets prevail as investors expect US-China trade to develop

Stocks in Asia were mostly lower in trading on Wednesday afternoon as investors watched the development of trade between the US and China.

Inland China's stock declined by afternoon, reducing Shanghai's stock by 0.19%. The Shenzhen composite slips 0.553%, while the Shenzhen composite slides 0.46%. The Hong Kong Hang Seng Index is down slightly.

Elsewhere, the Nikkei 225 in Japan was partially higher, with shares of the heavyweight index maker and Fanuc robots up 0.93%. However, the Topix index dropped 0.24%.

Meanwhile, Cospi in South Korea was largely flat, while Australia's S&P / ASX 200 dropped 0.46%.

Overall, the MSCI Asia ex-Japan index is trading 0.22% lower.

Movements in the Chinese Yuan were also observed after the currency rose to below 7 levels against the dollar for the first time since August on Tuesday.

On Wednesday, the People's Bank of China set the yuan average point at $ 7.0080 ̵

1; the strongest since Aug. 8, Reuters reported.

Investors continue to look for more development in trade between the US and China as the two economic centers work to reach an agreement.

China urges US President Donald Trump to remove more tariffs on some $ 125 billion in Chinese goods imposed in September, as part of the first-phase trade deal, reports said. According to China, stronger tariff-lifting commitments are needed to visit China in the US, according to the South China Morning Post.

"The US-China trade is really off to a good start. i saw the president say it was 60% of the way there, i'm not sure about that but i believe there will be long inertia on the trade front, "Michael Yoshikami Founder and CEO of Destination Wealth Management told Squawk Box on CNBC on Wednesday.

"Both sides need it badly," Yoshikami said, adding that greater progress on the deal is likely to be observed for the rest of this year and the first quarter of next year.

Beijing and Washington have been locked in a trade war for more than a year, with tariffs being scammed on commodities of billions of dollars. Recent data shows that both power plants have suffered tens of billions of dollars in losses from trade struggles.

During the night in the state, the Dow Jones Industrial Average rose to a new record as it gained 30.52 points to close at 27,492.63. The Nasdaq Composite ended its trading day, slightly changed to 8,434.68. The S&P 500, on the other hand, slipped 0.1% to close at 3,074.67.

The US dollar index, which tracks the green currency against the basket of its peers, was last at 97.891 after rising from levels below 97.5 seen earlier in the trading week.

The Japanese yen was trading at 109.04 against the dollar, after weakening yesterday from levels below 109.0. Australian dollar changed to $ 0.6898 after seeing earlier low of $ 0.883

Oil prices fell in the afternoon after Asian trading hours, with Brent international comparative futures falling 0.62 % to $ 62.57 a barrel and US futures fell 0.59% to $ 56.89 a barrel.

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– CNBC's Yun Li contributed to this report.

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