06:58 AM EDT, 07/24/2025 (MT Newswires) -- Asia's largest stock markets sustained rallies on Thursday, as investors weighed news that Japan and the US have cinched a trade deal, and that Beijing and Washington negotiators will meet next week towards the same end.

Hong Kong, Shanghai, and Tokyo finished in the green, although other regional exchanges were uneven.

In Japan, the Nikkei 225 finished up 1.6% on eased concerns regarding Japan and US trade relations. The Nikkei 225 struck a one-year high after gaining 3.5% on Wednesday.

The benchmark Nikkei 225 rose 655.02 to 41,826.34, as gaining issues outnumbered losers 196 to 27.

Leading the upside was Furukawa Electric, up 7.2%, while semiconductor manufacturing equipment maker Lasertec declined 1.5%.

In economic news, the headline seasonally adjusted flash Japan composite purchasing managers index (PMI), a combination of the nation's services and manufacturing sectors, struck 51.5 in July, unchanged from June but still above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly survey.

Japan's services PMI logged at 53.5 in July, rising from 51.7 in June. In contrast, the nation's manufacturing PMI declined to 48.8 in July, from 50.1 in June.

In Hong Kong, the Hang Seng Index finished up 0.5% on the international trade outlook, including reports of a possible Europe-US agreement.

The broad gauge Hang Seng rose 129.11 to 25,667.18, as gaining issues outnumbered losers 55 to 28. The Hang Seng TECH Index was flat on the day, but the Mainland Properties Index rose 1.6%.

Leading the upside was Xinyi Solar, gaining 7.9%, while ANTA Sports Products declined 3.7%.

On the mainland, the Shanghai Composite rose 0.6% to 3,605.73.

On the other regional exchanges, the S. Korean KOSPI rose 0.2%; the Taiwan TWSE rose 0.2%; the Australian ASX 200 declined 0.3%; the Singapore Straits Times Index advanced 0.9%, and the Thai Set declined 0.6%. In late trading in Mumbai, the Sensex was down 0.7%.

In other news, India's flash composite PMI logged at 60.7 in July, off slightly from 61.0 in June, but still signaling solid growth, reported S&P Global.

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