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Global Markets Surge in Reaction on New Hopes of Post-Pandemic Recovery 

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, July 21, 2020. Asian shares were mostly higher Tuesday as hopes rose about a vaccine being developed to fight the…

A deal on a massive economic rescue package reached by leaders of the European Union and reports of more promising coronavirus vaccines fueled a surge in global markets Tuesday.

In Asia, Tokyo’s Nikkei index ended the day’s trading session up 0.7%. The Hang Seng index in Hong Kong earned 2.3%, and Shanghai’s Composite index is up 0.2%.

The S&P/ASX index in Sydney earned 2.5%. Seoul’s KOSPI index finished 1.3% higher, and the TSEC index in Taiwan gained 1.8%. Mumbai’s Sensex is up 1.3% in late afternoon trading.

Over in Europe, London’s FTSE index is up 0.7%, the CAC-40 in Paris is 1.2% higher, and Frankfurt’s DAX index has gained 1.9%.

Oil markets are also rising Tuesday. U.S. crude oil is trading at $41.85 per barrel, up 2.5%, and Brent crude oil, the international benchmark, is up $44.45 per barrel, up 2.7%.

And in futures trading, the Dow Jones, S&P 500 and the Nasdaq are all trending positively, indicating a strong start for Wall Street at the opening bell Tuesday.