Asian shares increased to seven-month highs on Wednesday as investors lapped up signs of progress in U.S.-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark.

MSCI’s widest index of Asia-Pacific shares outside Japan was increased 0.5 percent, after previous touching its highest level since late August.

The index has climbed close to 3 percent since Thursday subsequent reports of progress in trade talks between the United States and China, as well as reassuring factory activity data from China and the U.S.

The run of gains for stock markets worldwide has also pushed MSCI’s important gauge of worldwide equities to a six-month high. The worldwide index was increase 0.2 percent on Wednesday morning.

Hopes for a deal to end the trade war between the world’s two biggest economies were fanned by new comments from White House economic adviser Larry Kudlow that Washington expects “to make more headway” in talks this week.

Nonetheless, analysts struggled to point to a clear catalyst for the extended rally in equities.

"I think there's a tendency for markets at times to just want to be positive unless you hit them repeatedly, and not just with bad news, but with new bad news," said Rob Carnell, chief economist and head of Asia-Pacific research at ING in Singapore.