Swelling trade hopes lift Asian markets
US and China expected to reach "phase one" deal; Straits Times Index rises 0.38 per cent or 12.23 points to 3,248.63
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ASIAN markets ended higher on Tuesday, following a record-setting session for US markets as the US and China showed signs of nearing a trade war truce.
The "phase one" deal is expected to forestall tariffs scheduled for Dec 15, but according to the Financial Times, the Trump administration is considering dropping the tariffs imposed in September as well, to seal the deal with China.
Singapore's Straits Times Index gained 0.38 per cent or 12.23 points to 3,248.63. Japan soared 1.8 per cent to its highest in nearly 13 months, and South Korea gained 0.6 per cent to a six-month high. Markets in Australia, New Zealand, China, Hong Kong and Malaysia all ended higher.
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