Seasonal cheer has spread through capital markets. More encouraging US economic data and the announcement of a “phase one” trade deal between Washington and Beijing have lifted the confidence of investors, businesses and consumers.
This euphoria looks misplaced, however. Investors betting on a positive conclusion to the US-China trade saga are still likely to be disappointed.
Under the trade mini-deal, China is promising to increase its imports from the US, such as agricultural purchases. Beijing’s other pledges include better enforcement of intellectual property rights and the opening up of the country’s financial services sector.
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