After a good Argentinian steak and a glass of Malbec, a trade truce has been reached between Presidents Trump and Xi at the G20 meeting over the weekend (no increased in tariffs for 90 days), setting up the stage for a risk positive start to the new week. The Euro has jumped higher at the open and the USD has lost ground across the board. Price action on Friday was fairly muted as markets awaited the highly anticipated meeting.US equities closed higher, capping a very strong week, 10y UST yields closed below 3%, flattening the curve and USD Indices ended stronger. NZD was the G10 outperformer and AUD was a tad softer. Oil prices were lower again. On Saturday night President Trump and President Xi agreed to put the trade war on ice for 90 days allowing time for the two countries to discuss their differences in regards to forced technology transfer, intellectual-property protection, nontariff barriers, cyberintrusions and cybertheft, services and agriculture. As a concession to the US holding off another round of tariffs, China has also agreed to purchase a ‘’very substantial’’ amount of agricultural, energy and industrial goods from the US. President Xi Jinping said he would consider again the previously unapproved merger between Qualcomm Inc. and NXP Semiconductors NV should the deal be presented. If no agreement is reached after 90 days, then the previously proposed increase in tariffs will proceed. It also looks like China agreed to put some pressure on North Korea that sets the scene for another historic Trump-Kim meeting.
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