US stocks closed higher as investors wait for news from another day of China-US trade talks in London. Key inflation data are also ahead.

A Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan ($150,275.51) on Tuesday, setting a new record for the "blind box" toy as it moves from craze to collectible.

U.S. and Chinese officials, including He, concluded two days of negotiations in London on Tuesday to resolve key trade issues in the two superpowers' bruising tariff war, including on a raft of export control measures that have hobbled global supply chain.

China returns to trade talks with the U.S. holding, from its view, a strong hand: Its economy is bearing up better than expected. And it has an ace card: rare earths.

Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies.

Asian shares are mostly higher as investors keep an eye on China-U.S. trade talks that might help stave off a recession.

Donald Trump has said the US and China’s deal to restore their trade war truce is “done” after two days of marathon negotiations in London. In a post on his Truth Social network on Wednesday the US President hailed a breakthrough reached in bilateral talks in London late the night before.

The European Union believes trade negotiations with the US to extend beyond President Donald Trump’s July 9 deadline, even as the speed of the talks has increased over the past week.