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· Asian stocks joined a global equities surge on Wednesday, after Washington delayed tariffs on some Chinese imports and gave much-needed relief for markets gripped by political and economic turmoil.

Wall Street stocks soared overnight as U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on the remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods in the hopes of blunting their impact on U.S. holiday sales.

The surge in U.S. stocks lifted MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS by 0.8%.

Uncertainty around political risks such as the unrest in Hong Kong also continue to keep investors on edge.

· Japanese stocks on Wednesday recouped nearly all of the previous day’s sharp losses, thanks to Washington delaying the start of tariffs on some Chinese imports.

President Donald Trump’s move gave a much-needed reprieve for markets, with Japan’s chipmaking sector and Apple-related firms getting the strongest tailwind.

The Nikkei share average gained 1.0% to 20,655.13, recovering most of its 1.1% fall on Tuesday, while the broader Topix rose 0.9% to 1,499.50.

While the White House’s announcement on the tariff delay prompted a relief rally on Asian markets, some analysts suspect this might be short-lived.

· China stocks closed higher on Wednesday, following the tariffs reprieve from Washington, but gave up much of early gains as bleak data rekindled worries over the country's' economic health.

The blue-chip CSI300 index ended 0.5 per cent higher to 3,682.40, while the Shanghai Composite Index rose 0.4 per cent to 2,808.91.

US President Donald Trump on Tuesday backed off his Sept. 1 deadline for 10 per cent tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on US holiday sales.

Meanwhile, China reported a raft of unexpectedly weak July data on Wednesday, including a slump in industrial output to more than 17-year lows, pointing to further slowing in the economy as the US trade war takes a heavier toll on businesses and consumers.

· European shares were slightly lower on Wednesday, as a weak growth outlook from Germany and China stoked fears of a global slowdown, overshadowing a temporary U.S.-China tariff truce.

The pan-European STOXX 600 index fell 0.2% by 0710 GMT, with all major indices in the red.

Reference: CNBC, Reuters