Sydney/Tokyo — Asian shares rallied on Monday after US and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets. Trade-exposed currencies led the early gains, with the Australian dollar notching a four-month peak, while the dollar dropped to one-month lows against the yuan. E-mini futures for the S&P 500 climbed as much as 1.9%. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.8%.

China’s CSI300 index of Shanghai and Shenzhen shares rose 2.6%. In Japan, Nikkei gained 1.3% to a six-week high. “Markets are opening with a knee-jerk boost to risk appetite but time will tell how enduring the optimism proves to be,” said ANZ economist Jo Masters. “There are already very different official takes on what was achieved at the meeting.” “But for now, both sides can claim a win,” she said. “Perhaps not insignificantly, it provides a window to export the soybean crop from key Republican states...

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