US-China Call

• Chinese and U.S. top trade negotiators held another phone call this morning Beijing time in which consensus was reached on properly resolving issues holding up the phase-one trade deal, according to a Chinese Ministry of Commerce statement.
• Should they fail to reach an agreement by Dec. 15, President Donald Trump will have to decide whether to carry out his threat of further tariffs on the Asian nation. 
• Market reaction to the statement has been muted, with Rabobank strategists including Richard McGuire writing that markets now view positive announcements with “healthy skepticism given how long this has dragged out.”

(Source: Bloomberg)