Newspaper: US, China agree to semi-annual talks

Treasury Secretary Steven Mnuchin had a warning about Boeing's effect on numbers reflecting U.S. economic growth

The trade dispute has rocked U.S. manufacturing and caused an economic slowdown in China.

The decision to drop the designation, first reported by Fox Business News, comes ahead of the announcement of a trade deal between the two sides, expected on Wednesday. The greenback has surged 2.2 per cent versus the safe-haven Japanese currency since the middle of last week, as fears of a major military confrontation between the United States and Iran gave way to a return to a rush to buy risk assets.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.64%, touching its highest level since June 2018.

The Phase One trade deal to be signed this week by China and the United States "stops the bleeding" but does not end the trade war, a senior U.S. Chamber of Commerce official said on Monday, warning that significant challenges remain.

President Trump is expected to ask China to purchase around $50 billion in US agricultural goods, which would be a huge boost for USA farmers.

Iranians protest for third day after plane disaster
Some Iranian artists, including famed director Masoud Kimiai, withdrew from an upcoming global film festival. Two state TV hosts resigned in protest over the false reporting about the cause of the plane crash.

Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on early signs of economic improvement after the country logged its slowest pace of growth in almost three decades in the third quarter.

In return, the USA agreed to reduce tariffs on Chinese goods, but will still levy duties against $380 billion of those products. The first round of what the Trump administration renamed the Comprehensive Economic Dialogue was held in July, 2017.

So far, no public details around the currency agreement - or the trade deal at large - have been disclosed as both countries have been working behind the scenes to complete a legal review and translation.

Moving on, equity indices from China, Hong Kong and India are near 0.50% in positive territory by the time of writing whereas S&P 500 Futures mark 0.30% gains to 3,275.

The euro was flat on Monday at 1.1121, up from a $1.1083 low on Friday. USD/JPY is still keeping at fresh seven-month highs around 109.90 while gold is down by 0.7% around $1,550 at the moment.

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