Stocks in the Chinese mainland and across Asia rose on Wednesday morning, after US President Donald Trump said he would hold off on a contentious escort operation in the Strait of Hormuz and several US tech giants reported strong earnings.

The markets on the Chinese mainland reopened trading after the Labour Day holiday, with the CSI 300 Index climbing 0.7 per cent as of 9.32am local time and the technology-heavy Star Market in Shanghai surging 5 per cent.

Other major Asian markets all edged up. South Korea’s Kospi surged 6.3 per cent to a record high. Japan’s Nikkei 225 climbed 0.4 per cent and Australia’s S&P/ASX 200 added 1 per cent.

Oil futures slumped around 1 per cent after Trump said he would halt a US-led effort to help stranded ships exit the Strait of Hormuz to see if an agreement with Iran to end the war could be finalised.

Both the S&P 500 and the Nasdaq 100 index in the United States rose to record highs on Tuesday after Advanced Micro Devices (AMD) and Super Micro Computer posted robust results.

Second-quarter revenue for AMD will be US$11.2 billion, plus or minus US$300 million, according to a company statement. That beat the consensus projection by analysts of US$10.5 billion and indicated that the oil shock was not disrupting the artificial intelligence industry’s vast investment plans.