TOKYO/SEOUL (Reuters) -Shares of Japanese, South Korean and European automakers surged on Wednesday after U.S. President Donald Trump agreed to a trade deal with Tokyo that included reducing tariffs on Japanese auto imports to 15%, a move that stoked optimism about a similar agreement for Seoul and Brussels.

Wall Street climbed Wednesday after President Donald Trump reached a trade deal with Japan and hopes rose for more agreements by August 1.

Leaders of the European Union and Japan have launched an alliance aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China.

Stock futures are higher Wednesday as investors welcome news that the U.S. reached a trade agreement with Japan and prepare for the release of quarterly results from major technology companies.