Asian markets mostly rise after Trump suggests trade talks are in 'final throes'

Japan's Nikkei 225 (N225) rose 0.4% on Wednesday. South Korea's Kospi index (KOSPI) also gained 0.3%. Hong Kong's benchmark Hang Seng Index (HSI) added 0.1%.

China's Shanghai Composite (COMP) dropped as much as 0.5% in early trading, though recouped most of those losses. Government data released Wednesday showed that China's industrial profits declined 9.9% in October from a year earlier. That loss accelerated from a 5.3% drop in September.

Trump said Tuesday in Washington that the United States was in the "final throes of a very important deal" on trade.

Markets have been sensitive to developments in the US-China trade negotiations. China's commerce ministry said Tuesday the two countries "reached a consensus" on how to resolve each other's key concerns.

Alibaba advanced 2.8% on its second day of trading in Hong Kong. Shares of the Chinese e-commerce firm popped nearly 7% Tuesday in its Hong Kong debut — a strong showing for one of China's most prominent tech companies.

Alibaba's secondary listing could raise as much as $12.9 billion.

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