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Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
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U.S. stock index futures edged higher Tuesday evening after the government confirmed upcoming trade negotiations with China, helping offset earlier losses driven by a weak Wall Street session. However, gains were limited ahead of Wednesday’s Federal Reserve policy decision.
By 19:32 ET (23:32 GMT), S&P 500 futures rose 0.7% to 5,665.25, Nasdaq 100 futures gained 0.8% to 20,042.25, and Dow Jones futures increased 0.6% to 41,160.00.
The rebound followed news that U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet China’s Vice Premier He Lifeng in Switzerland on May 8 for formal trade talks. The meeting signals a potential de-escalation after April’s sharp tariff escalation, which had sparked fears of a prolonged U.S.-China trade war and weighed heavily on global economic outlooks. Recent weak economic data from both countries heightened concerns over trade-related headwinds.
Despite the announcement, U.S. President Donald Trump stated earlier he was in “no rush” to finalize any trade deals, although both U.S. and Chinese officials have shown recent openness to dialogue.
Meanwhile, markets await the outcome of the Federal Reserve's two-day meeting. The Fed is expected to keep interest rates unchanged, with investors focused on Chair Jerome Powell’s guidance amid ongoing inflation pressures and political calls for rate cuts. While the Fed reduced rates by 1% in 2024, its 2025 easing outlook remains cautious.
In corporate news, chipmakers were mixed after earnings. Marvell Technology dropped 6% post-market after delaying its investor day. Super Micro Computer declined 4% following weak quarterly results and reduced guidance. Conversely, AMD rose 1.7% after beating Q1 earnings expectations.
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