Global markets surged on news that the US and China agreed to a trade detente, as well as forecasts of further monetary easing.
The framework deal agreed by negotiators over the weekend must still be finalized by US President Donald Trump and Chinese leader Xi Jinping when they meet in South Korea this week, but traders drove Asian and European stocks higher on signs the world’s two biggest economies will likely pull back from punishing new tariffs.
Investors also overwhelmingly expect the Federal Reserve to cut interest rates by a quarter percentage point this week, while the European Central Bank and Bank of Japan are projected to keep borrowing costs steady.