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After Friday’s sell-off on fears of new US-China tariffs, Trump softened his rhetoric over the weekend, signalling on Sunday a more cautious approach that helped calm markets. Risk assets rebounded and recovered some of the lost ground as the ‘TACO’ trade held up for investors. Stock indices gained over 2% while bond markets were closed for Columbus Day. Crude oil also pulled back from recent losses, rising 2% on Monday, boosted by the Middle East peace deal.
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