Xi spoke of opening China's economy in his speech. Photo: Qilai Shen/Bloomberg via Getty Images

Markets around the world are rallying Tuesday morning after Chinese President Xi Jinping delivered a speech pledging to significantly lower tariffs on imported cars and emphasizing that China wants a "greater balance of international payments."

The details, via WSJ: "Shortly after the U.S. open, the Dow Jones Industrial Average rose 373 points, or 1.6%, to 24352. The S&P 500 added 1.3%, and the Nasdaq Composite gained 1.4%."

Yes, but: Xi has made these promises before — most recently at the World Economic Forum in 2017 — and it's not yet clear what reforms will actually be implemented and when, but his positive tone was enough to ease trade tensions that had the markets in a frenzy.

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Bryan Walsh, author of Future
1 hour ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

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The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 2 hours ago - Politics & Policy

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Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.