World stocks edged off their highest in almost two years, but kept record levels in sight, following fresh signs that the United States and China were working to end a trade war dragging on the global economy
China's yuan - the currency most sensitive to the trade war - had risen to a one-week high of 7.0181 against the dollar, but was last trading at 7.0388“China and the U.S. agreed on a framework to resolve their phase one issue, which is just a way of saying that they did admin work,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.
The United States has imposed tariffs on Chinese goods in a 16-month dispute over trade practices that the U.S. government says are unfair. China has responded with its own tariffs on U.S. goods. The next important date to watch is Dec. 15, when Washington is scheduled to impose even more tariffs on Chinese goods.
Safe-haven bond yields DE10YT=RR nudged back down, also reflecting the more cautious tone among investors. The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby MelvilleElsewhere, Bitcoin, the world's biggest cryptocurrency, dipped to $7,065, holding above six-month lows hit on Monday after the People's Bank of China launched a fresh crackdown on cryptocurrencies.
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