Meanwhile, those who are worried we’re entering stagflation or a looming recession point toward recent signs of job market weakness and the risk that tariffs reignite inflation, slowing spending, and sluggish consumer confidence.

Goldman Sachs raised its forecasts for Chinese and U.S. economic growth, and cut its odds for a U.S. recession, after the countries agreed Monday to slash tariffs on each other's imports.

The bank raised its price target for the MSCI's broadest index of Asia-Pacific shares outside Japan to 660 from 620