India's Prime Minister Narendra Modi hugs U.S. President Donald Trump as they give joint statements in the Rose Garden of the White House in Washington, June 26, 2017.
Asia markets on Tuesday staged a staggering turnaround from the previous day. South Korea's Kospi led gains in the region, soaring 6.7% as of 1:40 a.m. ET, after triggering a temporary pause in purchase orders earlier in the session. The index had also halted trading on Wednesday — but on the sell side — after it fell more than 5%.
A trade deal between the U.S. and India also turbocharged New Delhi's markets.
India's Nifty 50 rocketed as much as 5% at its open after U.S. President Donald Trump announced Monday that America will lower so-called reciprocal tariffs on India to 18% from 25%. As part of the deal, New Delhi will "BUY AMERICAN" at "a much higher level," and stop buying oil from Russia. Instead, India will import it from the U.S. and possibly Venezuela, according to Trump.
"When combined with the recently concluded India–EU trade agreement, this potentially represents one of the strongest external growth stimuli for the Indian economy in 2026," said Trideep Bhattacharya, president, equities, at Edelweiss Asset Management.
The string of positive movements was also seen in gold and silver. Prices of both precious metals rebounded Tuesday, with spot gold up 4.8% and spot silver surging 7.3% as of publication time. There are concerns among some analysts, however, that silver is becoming this year's "meme trade."
Major U.S. indexes also climbed on Monday. The S&P 500 added 0.54%, the Dow Jones Industrial Average rallied 1.05% and the Nasdaq Composite rose 0.56%.
On the continent, France finally passed its much-delayed 2026 budget after Prime Minister Sebastien Lecornu survived two no-confidence motions.