Asian markets extend rally in glow of China-US truce

Most Asian stocks extended gains Tuesday as investors continued to bask in the glow of the China-US tariff suspension that has fuelled hopes the world's two economic superpowers will step back from a punishing trade war.

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Equity markets across the world rallied with oil and the dollar Monday after the two sides said they would slash most of their eye-watering tit-for-tat levies and hold talks to end a standoff that has stoked recession fears.

The news raised hopes that deals can be done with Washington to cut or even remove some of the tolls unveiled by Donald Trump on his "Liberation Day" on April 2 that sent shivers through trading floors and raised concerns about the global trading system.

Top-level negotiators said after two days of talks in Geneva at the weekend that the United States would reduce its 145 percent duties on China to 30 percent for 90 days, while Beijing would cut its retaliatory measures to 10 percent from 125 percent.