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Markets fret ahead of trade deal signing

Credit: Reuters Studio
Published on January 15, 2020 - Duration: 01:19s

Markets fret ahead of trade deal signing

World stocks eased off record highs on Wednesday and U.S. and German bond yields slipped as euphoria over a Sino-U.S. trade deal was depleted by U.S. Treasury Secretary Steven Mnuchin saying tariffs on Chinese goods would remain in place for now.

David Pollard reports.

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Markets fret ahead of trade deal signing

Waiting - and watching.

Global markets were on pause on Wednesday (January 15) ahead of 2020's biggest diary date so far: the signing of a so-called Phase 1 U.S./China trade deal.

18 months of tariff conflict has hit hundreds of billions of dollars in goods, uprooted supply chains and slowed economic growth.

The deal means China will pledge to buy more U.S. products - agricultural, manufactured and energy - But does not tackle issues like subsidies.

Markets in the meantime were slipping off recent record highs.

Wall Street closed weaker on Tuesday (January 14).

Most Asian bourses ended around half a per cent or so down ... While Europe's STOXX 600 slipped into the red in early trade.

Baader Bank's Robert Halver.

(SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "The mood is good but everyone should be aware that there will be a little downturn at some point.

We have seen a lot of positive news and there is a point when the stock exchange says 'we'll let some air out." Steve Mnuchin helping keep a lid on gains.

The U.S. Treasury Secretary appeared to suggest ... That U.S. tariffs on Chinese goods would remain in place for now.

Oil prices slipped after the comments, bond prices and gold nudged higher .... As traders worries that global demand may not pick up quite so fast after all ... The trade war in truce perhaps, but peace not declared yet.

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