Market Comment | All eyes on the phase one trade deal signing

Summary

Investors remained cautious ahead of the signing and the unveiled details of the U.S.-China phase one deal. Against this background, bonds remained well demanded while equity markets showed mixed results, with the U.S. equity market hitting a fresh record high.

Key points

• Key points:
• U.S.-China trade agreement signing and the unfolding details were in the spotlight today.
• Sovereign yields fell across the board amid the uncertainty surrounding the signing of phase one deal.
• Solid macroeconomic data in the U.S., although disappointing in Europe.
• Yuan remained steady CNYUSD 7 threshold, whereas the USD slightly depreciated against most G-10.
• The U.S. equity market hit a fresh record high.

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