Equities in Asian emerging markets rallied the most in over two years on Thursday, while most currencies firmed, as U.S. President Donald Trump's temporary pause on some of his harshest tariffs triggered a buying spree of beaten-down stocks.
An MSCI gauge of EM Asian stocks leapt 4% in its biggest one-day gain since mid-November 2022. A subset of equities in ASEAN countries jumped 5%, logging its best day since the start of the COVID-19 pandemic. Most regional currencies also appreciated against the U.S. dollar.
