Stocks surged on Monday after President Donald Trump and Chinese leader Xi Jinping struck a truce in the US-China trade war, sending a wave of relief through global markets.
“Trump and Xi gave investors what they wanted at the G-20 meeting in Osaka this Saturday: hope,” said Ipek Ozkardeskaya, senior market analyst at London Capital Group.
Following their Saturday meeting, Trump agreed to ease restrictions on Chinese tech giant Huawei’s US technology purchases and hold off on extending tariffs to virtually all Chinese goods. Meanwhile, Xi committed to buy an unspecified amount of US farm products and resume trade talks.
