Traders work during the opening bell at the New York Stock Exchange on January 13, 2020 on Wall Street in New York City in the US. Picture: AFP/JOHANNES EISELE
Dubbed the phase one deal, it may soothe markets which have been on edge as the conflict between the world's two largest economies hit hundreds of billions of dollars in goods, uprooted supply chains and slowed economic growth. The news did not entirely surprise markets, however, and many attributed the pullback to profit-taking off the recent rally than to any turn in underlying sentiment.
US treasury yields ticked down, with the benchmark 10-year note yield falling more than two basis points to 1.7930%, hurt also by Tuesday's data showing consumer prices undershooting expectations in December, which could allow interest rates to stay unchanged this year. "I think the Trump administration will continue to put pressure on China in this way or some other, even after signing a phase one deal," Yuichi Kodama, chief economist at Meiji Yasuda Life Insurance, said.
"The market will see trade escalation taken off the table but it will start to focus on earnings. We saw huge multiple expansions in 2019 and that won't happen again until we see earnings coming through," Onuekwusi said.
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