The U.S. and China need a more comprehensive trade agreement before market sentiment can be boosted sustainably, analysts said on Monday.
aims to resolve longstanding concerns about Chinese theft of U.S. intellectual property and forced technology transfers, and secure more Chinese purchases of U.S. agricultural goods.in its World Economic Outlook that it projects GDP growth of 3.0% in 2019, down from 3.2% in a July forecast.
But the phase one U.S.-China agreement is effectively one that says "we are not further on tariffs but not going backwards one step," said NAB's Attrill. "To what extent is there going to be willingness to winding back those tariffs — and while that doesn't seem to be part of the agenda as far as the phase one deal is concerned, then I don't think it doesn't mean anything other than avoid a further deterioration in the uncertainty in the global growth picture," Attrill told CNBC'sWhat's more important to the markets is when the tariffs could be lifted and when issues of technology and intellectual property are going...
"If we can get much more agreements between the two sides by the end of this year, I think this is going to surprise the markets," said Wong.
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