The US-China trade war ceasefire and a strong rally for oil prices helped drive global stock indices sharply higher — particularly in emerging markets — led by the resources, technology and industrials sectors.
The Chinese renminbi — and trade-sensitive currencies such as the Australian dollar and South Korean won — made notable gains against the broadly weaker US dollar, while industrial metals prices also performed strongly.
But while the agreement between US President Donald Trump and Xi Jinping, his Chinese counterpart, to halt imposing any new trade tariffs for 90 days prompted a huge sigh of relief across markets, many commentators warned against getting too carried away.
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