Wall Street, meanwhile, was back at record high levels on Wednesday, with the benchmark S&P 500 and tech-heavy Nasdaq both rebounding after day-earlier losses.
President Donald Trump said the U.S. struck a trade deal with Vietnam that sets 20% tariffs on many of the country's exports. Shares of Nike and other apparel makers rose after news of the trade deal, which would impose a lower than initially expected tariff rate.
The agreement could prove to be an appetizer to more trade news as a closely watched deadline of July 9 nears. That's when many of the harsh tariffs from Trump's April "Liberation Day" announcement may go into effect if agreements with trading partners are not reached.
In other policy developments, the House of Representatives was weighing Trump's massive tax-cut and spending bill, a day after the Senate narrowly passed the legislation. Trump has urged lawmakers to pass the bill by the July 4 holiday.
U.S. Treasury yields were modestly higher on Wednesday amid fiscal concerns about the legislation, which nonpartisan analysts say will add $3.4 trillion to the nation's debt over the next decade.
Stock and bond markets in the U.S. were set for early afternoon closes on Thursday and will be closed on Friday for the holiday.
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