Xinhua: China and US have reached trade concensus on solving issues

Stocks/Risk appetite increase

Xinhua is reporting that:

• China, US reach consensus on solving issues
• China, US trade negotiators talk on phone
• China, US agree to keep contact and remaining matter in phase 1
• China, US discussed core matters concerned on phone call
• both sides discussed core issues of concern, reached consensus on resolving relevant problems
• both sides agree to maintain communication and remaining issues on phase 1 trade deal consultations

There was a spike higher in stocks on the news including S&P e-minis but the prices have come back off. The USDJPY also moved to new session highs at 109.20, but is trading back down to 109.06.