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Global markets are ripping higher after Trump and Xi's trade war agreement

Global markets are ripping higher after Trump and Xi's trade war agreement
Richard Drew/AP



Global stock markets rip higher after US and China agreed to 90-day trade truce.




All major Chinese indexes are higher by 2.5% or more, while European stocks are seeing similar gains.




In the US, futures are pointing to 2% gains for all three major share indexes.




"While bulls seem to be well in control for now, investors need to know that what was achieved is only a short-term relief to markets," Hussein Sayed, chief market strategist at FXTM said.



Global markets are ripping higher Monday morning as investors cheer a thawing of trade relations between the US and China over the weekend.
Presidents Trump and Xi came to a tentative truce on trade at the G20 summit in Buenos Aires, Argentina, postponing the next round of tariffs and agreeing to a 90-day window for further discussions.
This means that the US will not raise the 10% tariff rate on $200 billion worth of Chinese goods to 25% on January 1, as originally scheduled, while in return China has committed to buying a "very substantial amount of agricultural, energy, (and) industrial" goods from the US.
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