Global stocks have risen after the US and China agreed to slash tariffs on each other's goods for 90 days, in a major de-escalation of their trade war, BBC and Investopedia reported.
The cooling of trade tensions between the two largest economies in the world is sending global stocks and the dollar higher, while gold prices are falling.
The Dow Jones Industrial Average and S&P 500 futures are up roughly 2.2 percent and 2.8 percent, respectively, and Nasdaq futures are surging 3.8 percent. Overseas, the Stoxx Europe 600 index is rising 1 percent and Hong Kong's Hang Seng finished 3 percent higher.
The dollar is rising against the euro, yen, and pound, and gold prices are tumbling. The yield on 10-year Treasuries is rising to around 4.45 percent, while most major cryptocurrencies are gaining.
US tariffs on Chinese imports will fall from 145 percent to 30 percent, while Chinese tariffs on US goods will fall from 125 percent to 10 percent.
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