Markets received some pieces of good news related to the trade negotiations between the US and China at the end of the week. According to US President Trump, the US and China agreed on Friday on the outlines of a partial trade according, which could be signed as early as next month. After a long period of uncertainty, we finally have at least some sort of a solution to the prolonged trade tensions between the two largest economies on the globe. The ‘phase one’ trade deal may be limited in scope and is no fix for the relationship, but it suggests – in our view – that the downside risk to global growth has become may not be as great as market pricing may imply. In addition, the ‘partial deal’ could also be a sign that trade tensions may not escalate any further.
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