Asian Stocks Set to Open Mixed After Trade Deal: Markets Wrap

(Bloomberg) -- Asian stocks look set to start the week mixed after a partial U.S.-China trade deal yielded few details. The Australian dollar and the offshore yuan were firmer as China avoided extra tariffs.Futures on Japanese and Hong Kong equities dipped. Australian contracts were higher. Washington and Beijing agreed to a first phase of a broader trade deal on Friday that will see China boost imports, including of American agricultural products, and the U.S. halving duties on $120 billion of Chinese goods. The U.S. has also delayed levies that were due to be imposed on Sunday, and China said it will suspend additional tariffs on certain American imports.Initial euphoria evaporated Friday as both sides were short on details on the highly anticipated deal that also didn’t live up to some analysts’ expectations. Treasuries initially fell on the pact’s announcement, sending the 10-year yield to a one-month high of 1.95%, before reversing losses. The S&P 500 swung between gains and losses, and ended flat as U.S. President Donald Trump signaled he’d cut in half the tariffs that took hold in September. The U.S. will maintain levies that began in the spring.Read more: What’s In and What’s Missing in the U.S.-China Trade DealIn Asia, China’s industrial production and retail-sales data Monday are expected to accelerate on a year-on-year basis, which would support the yuan.Elsewhere, the British pound consolidated gains after Prime Minister Boris Johnson’s decisive win in last week’s U.K. election, putting the country on track to leave the European Union.These are the main moves in markets:StocksNikkei 225 futures fell 0.2%.Australia’s S&P/ASX 200 futures rose 0.6%.Hong Kong’s Hang Seng Index futures fell 0.7% earlier.CurrenciesThe yen was little changed at 109.34 per dollar.The offshore yuan rose 0.1% to 7.0068 per dollar.The euro rose 0.1% to $1.1127.The British pound traded at $1.3340 after surging 1.3%.The Aussie dollar rose 0.2% to 68.89 per dollar.BondsThe yield on 10-year Treasuries fell seven basis points to 1.82% Friday.Australian bond futures rose.CommoditiesWest Texas Intermediate crude advanced 1.5% to $60.07 a barrel.Gold futures rose 0.6% to $1,481.20 an ounce.\--With assistance from George Lei.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Linus Chua, Matthew G. MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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