Markets are “uttering a huge sigh of relief” after the two nations agreed to lower most tariffs for 90 days and signaled plans for continuing talks.

Nomura Holdings Inc. strategists upgraded Chinese stocks to a ‘tactical overweight,’ saying the trade truce between the US and China is a significant positive for the Asian nation’s equities.

The S&P 500 logged its biggest gain in over a month after American and Chinese officials signaled a de-escalation in the trade war between the world’s two largest economies.