US stocks rally as the US Treasury Secretary says the US-China trade conflict is unsustainable and is likely to ‘de-escalate’ soon. But surveys show weaker US economic activity in April due to tariff uncertainty. Also: gold backs off a new high.

In our bonus Deep Dive interview, as ANZ Research downgrades its Asia-ex China growth forecasts, ANZ Chief Economist for Southeast Asia and India Sanjay Mathur analyses how policymakers might respond to the tariff shock.

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