Asian stock markets rallied on Monday after President Donald Trump and Chinese President Xi Jinping brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets.
Nikkei, KOSPI, Jakarta indices were trading in the range of 1.5-2%, while Shanghai Composite, Hang Seng, and Straits Times are trading up over 2.5%, respectively.
President Donald Trump and Chinese President Xi Jinping approved the deal on Saturday in Buenos Aires. Trump and Xi promised to halt any new tariffs for 90 days as the countries continue negotiations, as per media reports.
It offers Beijing a reprieve from a planned increase in tariffs, scheduled for January 1, on $200bn in Chinese goods exports to the US tariffs were scheduled to rise to 25% from 10%, report added.
Meanwhile, oil surged on signs a supply glut may ease. Brent crude futures, the international benchmark for oil prices, were trading higher by $62.42 per barrel, while US West Texas Intermediate (WTI) crude futures were up at $53.72 a barrel.
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