Most Asian markets rose Monday after Donald Trump showed signs of conciliation in his trade wars but investors remain on edge over the China-US standoff with some concerns that talks between the two have stalled.
Mumbai equities and the rupee soared on the back of exit polls suggesting business-friendly Prime Minister Narendra Modi was on course to be re- elected, agency reports.
Sydney stocks and the Australian dollar rallied after a shock win for the conservatives, while Japanese dealers were cheered by forecastbeating economic growth data.
However, the pound is wallowing around four-month lows on growing fears Britain will leave the European Union without a divorce deal.
Global markets have been in turmoil for two weeks since Trump threatened – and later delivered — a hike in tariffs on Chinese imports, to which Beijing retaliated and relit their debilitating trade battle.
The move also threw a spanner in the works for long-running negotiations between the economic superpowers that were thought to have been close to conclusion.
That was compounded by Trump’s decision to bar Chinese telecoms firms from the US market and added Huawei to a blacklist restricting US sales to the firm.
But there was a sliver of hope after Trump on Friday removed steel tariffs on Canada and Mexico and announced a six-month delay in imposing steep tariffs on auto imports as he seeks talks with Japan and the EU on the issue.