Stocks relieved at trade truce, bonds step back

SYDNEY - Stocks rallied and bonds retreated in Asia on Monday as a thaw in the Sino-U.S. trade dispute averted one threat to the global economy, leading investors to pare wagers on aggressive policy easing by the major central banks.

“The Trump-Xi G20 meeting looks to be a modest win for China and a positive for risk assets short term, but well within the range of expected outcomes,” said Westpac economist Richard Franulovich. Chinese blue chips climbed 2.1% to their highest since late April. E-Mini futures for the S&P 500 rose 0.8% and FTSE futures 0.5%.Fed funds dropped over 5 ticks as the market scaled back the probability of a half-point rate cut this month to around 13%, from nearer 50% a week ago.

The official Purchasing Managers’ Index held at 49.4 in June, just missing forecasts, while the Caixin/Markit PMI dropped to 49.4, the worst reading since January.“Although a worst case outcome has been averted, the threat of tariffs remains and it is unlikely the truce gives much confidence to firms’ investment and hiring decisions,” said Tapas Strickland, a director of economics at NAB.

So for the 33453485739487th time, trump has claimed a truce or deal, and stocks rise only to fall further when for the 33453485739488th time reality sets in.

What optimism our stocks have that realDonaldTrump CAN negotiate a good deal.

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