Stocks, Yuan, Bond Yields Are All Tumbling As Lack Of China Deal Details Worries Traders

Update (1100ET): A total lack of detail (and growing confusion) at the contents of the phase one US-China trade deal has traders spooked.

The Dow is at the lows of the day…

Yuan has erased all of yesterday’s gains…

And Treasuries have erased all of yesterday’s losses…

Additionally, all ags are dumping as China refused to provide any detail on the size of purchases…

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Update (9:25amET): It’s hardly a surprise, but Axios’s Jonathan Swan reports that President Trump specifically objects to the detail in the WSJ story claiming that the US would rollback existing tariffs by half.

Senior official told me he’s objecting mostly to the half reduction of tariffs detail https://t.co/fD1XOw4Dfm

— Jonathan Swan (@jonathanvswan) December 13, 2019

Allowing such generous rollbacks would sacrifice a lot of leverage for the next round of talks…and neither Trump nor President Xi want to look weak.

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President Trump just poured cold water on the brightest aspect of his shiny new (reported) trade deal by dismissing claims that prior tariffs will be rolled-back as reported by WSJ yesterday…

The Wall Street Journal story on the China Deal is completely wrong, especially their statement on Tariffs. Fake News. They should find a better leaker!

— Donald J. Trump (@realDonaldTrump) December 13, 2019

And the result…

Yuan has puked…

Source: Bloomberg

And stocks are fading fast…

sigh…