Asia Wrap: China trade data was a drag on sentiment
|Asia stocks traded higher, led by China markets on trade optimism, although the weak China trade data was a drag on sentiment.
Overall investor response remains a bit muted given the scarcity of follow up details some traders are pointing to Chinese state media who are refraining for getting overly giddy and didn't even bother to refer to the outcome as a "deal", noting only that progress has been made in numerous areas.
Huawei is also reportedly not part of the deal, but they are such a massive bargaining chip I really can't see how that they aren't part and arc in the broader agreement. If Huawei is permitted to access Google Play; this will suggest we are really on the way to an outstanding trade deal.
Overall it feels like investors remain somewhat disappointed by the limited nature of the US-China trade deal but remain optimistic that phase 2 and 3 will come to fruition.
On Brexit, weekend headline cacophony has reigned in some of the Brexit deal euphorias from last week. And Sterling traders sitting back on razor's edge not so sure about those freshly minted long Cable positions as markets expectation for an exit at month-end remain low.
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