The Prague Post - Most markets extend rally in glow of China-US truce

EUR -
AED 4.079135
AFN 77.847477
ALL 98.089421
AMD 430.439404
ANG 1.988435
AOA 1017.854415
ARS 1255.507008
AUD 1.734237
AWG 2.001832
AZN 1.887246
BAM 1.95597
BBD 2.237295
BDT 134.631719
BGN 1.955916
BHD 0.418586
BIF 3296.716636
BMD 1.110587
BND 1.448739
BOB 7.684738
BRL 6.301431
BSD 1.108106
BTN 94.125617
BWP 15.127453
BYN 3.626316
BYR 21767.498681
BZD 2.225794
CAD 1.553889
CDF 3187.383421
CHF 0.933609
CLF 0.027389
CLP 1051.047937
CNY 7.99989
CNH 7.991526
COP 4691.951023
CRC 562.756584
CUC 1.110587
CUP 29.430547
CVE 110.275095
CZK 24.939355
DJF 197.318952
DKK 7.46051
DOP 65.176553
DZD 148.600917
EGP 56.045649
ERN 16.6588
ETB 149.97408
FJD 2.526418
FKP 0.841954
GBP 0.840992
GEL 3.048509
GGP 0.841954
GHS 14.409873
GIP 0.841954
GMD 80.168383
GNF 9600.005483
GTQ 8.525813
GYD 231.925156
HKD 8.659456
HNL 28.708923
HRK 7.530551
HTG 144.98873
HUF 405.122238
IDR 18493.14066
ILS 3.983758
IMP 0.841954
INR 94.816266
IQD 1453.480529
IRR 46922.287164
ISK 146.675148
JEP 0.841954
JMD 176.191671
JOD 0.787741
JPY 164.353498
KES 143.569604
KGS 97.120702
KHR 4448.570089
KMF 480.59857
KPW 999.523002
KRW 1582.638614
KWD 0.341572
KYD 0.9237
KZT 567.048556
LAK 23966.348668
LBP 99305.547157
LKR 331.296973
LRD 221.696149
LSL 20.31768
LTL 3.279273
LVL 0.671782
LYD 6.07447
MAD 10.368408
MDL 19.139183
MGA 4973.299241
MKD 61.508198
MMK 2331.659477
MNT 3969.123451
MOP 8.897159
MRU 43.979357
MUR 50.764919
MVR 17.145905
MWK 1922.215835
MXN 21.750884
MYR 4.818281
MZN 70.888748
NAD 20.319236
NGN 1778.859693
NIO 40.805454
NOK 11.551973
NPR 150.658469
NZD 1.886379
OMR 0.427565
PAB 1.110587
PEN 4.049211
PGK 4.560896
PHP 61.956851
PKR 312.043023
PLN 4.24951
PYG 8856.764336
QAR 4.044681
RON 5.092703
RSD 117.265619
RUB 89.457356
RWF 1586.786583
SAR 4.165593
SBD 9.274342
SCR 15.785334
SDG 666.917688
SEK 10.836316
SGD 1.449604
SHP 0.872747
SLE 25.265698
SLL 23288.4418
SOS 633.500326
SRD 40.202678
STD 22986.90175
SVC 9.698944
SYP 14441.307049
SZL 20.315634
THB 36.896467
TJS 11.550109
TMT 3.887053
TND 3.372899
TOP 2.674027
TRY 43.093783
TTD 7.524569
TWD 33.835469
TZS 2994.141447
UAH 46.047726
UGX 4056.61718
USD 1.110587
UYU 46.397229
UZS 14309.983047
VES 102.968028
VND 28827.688154
VUV 133.240614
WST 3.085815
XAF 655.506453
XAG 0.033526
XAU 0.000341
XCD 2.998585
XDR 0.79982
XOF 655.506454
XPF 119.331742
YER 271.77272
ZAR 20.311086
ZMK 9996.589417
ZMW 29.185921
ZWL 357.608454
  • BCC

    4.4800

    93.1

    +4.81%

  • CMSD

    -0.0400

    22.3

    -0.18%

  • JRI

    0.0300

    13.01

    +0.23%

  • CMSC

    0.0200

    22.08

    +0.09%

  • RIO

    1.4300

    61.41

    +2.33%

  • GSK

    0.7500

    37.37

    +2.01%

  • BCE

    -0.1500

    22.56

    -0.66%

  • NGG

    -3.1600

    67.53

    -4.68%

  • RBGPF

    2.2700

    65.27

    +3.48%

  • SCS

    0.3600

    10.82

    +3.33%

  • BTI

    -0.6600

    40.98

    -1.61%

  • RYCEF

    -0.1200

    10.38

    -1.16%

  • RELX

    -2.0200

    51.83

    -3.9%

  • VOD

    -0.2300

    9.07

    -2.54%

  • BP

    0.4200

    30.19

    +1.39%

  • AZN

    1.3800

    68.95

    +2%

Most markets extend rally in glow of China-US truce
Most markets extend rally in glow of China-US truce / Photo: Brendan Smialowski - AFP/File

Most markets extend rally in glow of China-US truce

Most stocks extended gains Tuesday as investors basked in the glow of the China-US tariff suspension that has fuelled hopes the world's two economic superpowers will step back from a punishing trade war.

Text size:

Equity markets across the world rallied with oil and the dollar Monday after the two sides said they would slash most of their eye-watering tit-for-tat levies and hold talks to end a standoff that has stoked recession fears.

The news raised hopes that deals can be done with Washington to cut or even remove some of the tolls unveiled by Donald Trump on his "Liberation Day" on April 2 that sent shivers through trading floors and raised concerns about the global trading system.

Top-level negotiators said after two days of talks in Geneva at the weekend that the United States would reduce its 145 percent duties on China to 30 percent for 90 days, while Beijing would cut its retaliatory measures to 10 percent from 125 percent.

The US president described the move as a "total reset" and said talks with counterpart Xi Jinping could soon follow, while US Treasury Secretary Scott Bessent told CNBC he expected officials would meet again in the coming weeks to reach "a more fulsome agreement".

After piling higher on the news Monday, most of Asia's markets started Tuesday on the front foot. Tokyo was up more than one percent, while Shanghai, Sydney, Taipei, Singapore, Seoul, Wellington, Bangkok and Manila were also well up.

London, Paris and Frankfurt edged up in early trade.

However, Hong Kong dropped nearly two percent, having surged three percent the day before. Mumbai also slipped.

The dollar also pulled back from the previous day's rally, though oil reversed early losses to extend Monday's advance.

The broad gains in Asia came after Wall Street greeted the announcement with open arms.

The tech-heavy Nasdaq rocketed more than four percent, the S&P 500 jumped 3.3 percent and the Dow 2.8 percent, while a gauge of US-listed Chinese stocks surged more than five percent.

"Clearly, US-China trade talks have yielded much faster success than many had expected," strategists at HSBC wrote in a note.

"There's very clearly upside risk for the broader risk asset spectrum now as markets will likely extrapolate a higher likelihood of further deals in the coming weeks."

However, nervousness remains.

The HSBC strategists added: "These may not move in a straight line. Things could easily turn out a bit bumpier in future trade negotiations."

IG chief market analyst Chris Beauchamp said the talks show "both sides are aware of the need to repair their relationship, and avoid further damage from the imposition of such huge tariffs".

"But even at the pause levels of 10 percent and 30 percent, these tariffs are still much higher than anything imagined by investors just a few months ago.

"It is not quite six weeks since these tariffs were introduced -- the impact has yet to really appear in both economic data and company earnings. The full impact will only become clear with time."

Federal Reserve governor Adriana Kugler warned that even with the reduction in tariffs, Trump's trade policies will likely push inflation higher and weigh on economic growth.

- Key figures at around 0810 GMT -

Tokyo - Nikkei 225: UP 1.4 percent at 38,183.26 (close)

Hong Kong - Hang Seng Index: DOWN 1.9 percent at 23,108.27 (close)

Shanghai - Composite: UP 0.2 percent at 3,374.87 (close)

London - FTSE 100: UP 0.1 percent at 8,608.90

Dollar/yen: DOWN at 147.91 yen from 148.38 yen on Monday

Euro/dollar: UP at $1.1114 from $1.1089

Pound/dollar: UP at $1.3210 from $1.3173

Euro/pound: DOWN at 84.14 pence from 84.18 pence

West Texas Intermediate: UP 0.2 percent at $62.06 per barrel

Brent North Sea Crude: UP 0.1 percent at $65.04 per barrel

New York - Dow: UP 2.8 percent at 42,410.10 (close)

S.Janousek--TPP