The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

Asian stocks mostly advanced on Wednesday, led by gains in Chinese markets, as optimism grew over a potential U.S.-China trade framework. Investors cheered reports that upcoming negotiations could ease U.

China and the United States have made new progress in addressing each other's economic and trade concerns after their two-day in-depth and candid trade talks in London, according to a statement released by the Chinese side on Wednesday.