ASX to rally after trade truce

Moomoo market analyst Jessica Amir appeared on Ausbiz's The Open to discuss the market impact of easing U.S.-China trade tensions.

Market overview: Following a broad increase in global risk appetite overnight, local markets opened strong. ASX futures rose 1.1% at the open.

U.S. stocks: The "Magnificent 7" tech stocks led the gains. Tesla jumped 6.75%, with 21% of its money coming from China. Nvidia, Meta, and Amazon also moved higher.

Lululemon jumped nearly 9%, supported by its strong popularity among Chinese consumers and optimism from recent tariff-easing signals.

Australian stocks: Iron ore prices rose 2.9% to USD 101/ton. Jessica highlighted Fortescue Metals Group as one to watch, driven by rising prices and strong demand from China.

A2 Milk also delivered a strong turnaround and upgraded its outlook, with a large portion of its earnings coming from the Chinese market.

FX & commodities: The U.S. dollar rose 1.5%, while the yen and Swiss franc. The AUD edged down to 63.7 U.S. cents.

Oil gained around 1.5%, hitting a two-week high. Copper also edged higher, as markets responded positively to the U.S.-China agreement to temporarily reduce tariffs.

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