India and Pakistan exchanged heavy artillery fire along their contested frontier on Wednesday after New Delhi launched deadly missile strikes on its arch-rival, in the worst violence between the nuclear-armed neighbours in two decades.

Shares of Chinese defense-manufacturing companies rallied on Wednesday, as the escalation in border tensions between India and Pakistan boosted the outlook for mainland exporters.

Russia’s Foreign Ministry has called for restraint from India and Pakistan after the nuclear-armed neighbors exchanged heavy fire in their worst confrontation since 2019, when they came close to the brink of war.