Market Comment | Phase one deal done, but the devil will lie in the details

A vigilant optimism prevailed in financial markets as investors await more details about the phase-one trade deal reached between the US and China. Meanwhile, the Eurozone economic outlook is gloomy as its manufacturing recession deepened.

Key points

• Key points:
• Safe-haven assets slipped as investors search for riskier assets.
• European and US stock markets rallied.
• US Treasury yields rose, while European bond yields were limited by weak manufacturing.
• EM currencies benefitted from the weakening USD.

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