Asia-Pacific markets traded mixed on Wednesday after Wall Street's main benchmarks rose on easing US-China trade tensions.

Japan's benchmark Nikkei 225 index slipped 0.68%, giving up gains after four straight positive sessions. South Korea's Kospi rose 0.53%.

Australia's benchmark S&P/ASX 200 index was flat.

Hong Kong's Hang Seng Index rose 0.96% while mainland China's CSI 300 traded flat.

Wall Street bounced back after the US and China reached a temporary truce on tariffs earlier this week. The development sent stocks soaring with the Dow up more than 1,000 points on Monday.

At current levels, however, Julius Baer strategists remain cautious, adding that the bank has "no prevailing optimism" about a quick resolution to the trade conflict.

"Even if a new deal is announced, it will likely involve complex conditions and a protracted implementation timeline, making it unlikely to fully roll back tariffs to pre-conflict levels," the bank said in a note on Tuesday.

Investors will be watching Asian chip stocks after Nvidia shares jumped following CEO Jensen Huang's statement that the company will sell more than 18,000 of its latest artificial intelligence chips to Saudi Humain, a new AI startup owned by the country's Public Investment Fund.

U.S. stock futures were little changed as Wall Street looked to extend its strong start to the week. Futures tied to the S&P 500 were flat, as were futures on the Nasdaq 100. Futures on the Dow Jones Industrial Average rose 30 points, or less than 0.1%.

Overnight in the United States, the three major indexes closed mixed. The S&P 500 rose, returning to positive territory for the year as investors continued the sharp rally seen in the previous session. The broad market index rose 0.72% to close at 5,886.55, while the Nasdaq Composite gained 1.61% to close at 19,010.08.

The Dow Jones Industrial Average lagged, falling 269.67 points, or 0.64%, as a nearly 18% drop in UnitedHealth shares weighed on the benchmark. (Newsmaker23)

Source: CNBC