The announcement of the tariff agreement between China and the US came as a big surprise to the market, Nomura released a research report saying. Although investors had expected a reduction in tariffs recently, Nomura believed that the cut rate will be much larger than expected and bring a "relief" for global stocks, which is expected to be a supportive factor for positive risk appetite in the near future. Related NewsHSBC Research Forecasts CN RRR Cut, Rate Cut to Bode Well for Banks/ Insurers/ Brokers; Top Picks HKEX/ BOCHK/ CCB/ ICBC/ Ping An/ CICCThe broker upgraded Chinese stocks to "tactical Overweight".