Wall Street Futures rallied sharply on Monday, with the S&P 500 index Futures surging nearly 4 percent, after the United States and China reached a key breakthrough in trade talks, agreeing to suspension of high tariffs for 90 days.
At 5 pm IST, S&P 500 Futures were up 3.02 percent, Nasdaq 100 Futures climbed 3.88 percent, while Dow Jones Industrial Average Futures gained 2.45 percent, signalling a strong start for US equities at 7 PM IST.
The jump came after US and China announced suspension of high tariffs for 90 days. After their talks in Geneva, the US agreed to cut tariffs on Chinese goods to 30 per cent from 145 percent while China announced to lower its tariffs on US goods to 10 percent from 125 percent.
The easing of trade tensions lifted investor sentiment across global markets. In Asia, major indices ended higher. South Korea’s Kospi, Japan’s Nikkei 225, China’s Shanghai Composite, and Hong Kong’s Hang Seng all closed in positive territory.
European shares also tracked the global uptrend. The pan-European STOXX 600 index rose 0.83 percent, while Germany’s DAX, France’s CAC 40 and the UK’s FTSE gained up to 1 percent.
Back home, domestic benchmark indices Sensex and Nifty gained nearly 4 percent, aided by easing geopolitical tensions between India and Pakistan and the positive global cues from the US-China trade deal.
The Sensex soared 2,975.43 points or 3.74 percent to settle at 82,429.90 – its highest closing level in over seven months. During the day, the index hit an intra-day high of 82,495.97, up 3,041.5 points or 3.82 percent.
The Nifty too witnessed strong buying interest, jumping 916.70 points or 3.82 percent to end at 24,924.70. The index hit a high of 24,944.80 during intraday trade, rising as much as 936.8 points or 3.90 percent.
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