Asian stocks crawled higher on Wednesday, following the positive cues from Wall Street overnight after the S&P 500 closed at its highest level in 2023.

Despite the holiday-shortened week ahead for US and UK financial markets, the US debt ceiling saga will remain center stage as the clock ticks towards a potential June 1st “hard deadline”.

It is certainly shaping up to be another wild week for financial markets thanks to the US debt limit saga.

Asian markets gave up earlier gains on Tuesday as investors adopted a cautious stance after US debt ceiling negotiations ended "productive talks" without a deal.