Relief and dread over China tariff hike delay

American businesses in China see gloomy year

"We are hopeful that a long-term trade deal is reached at the upcoming Mar-a-Lago meeting that removes tariffs, which are costing USA businesses and consumers every day", Mond told Xinhua.

"I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues".

ENERGY: U.S. crude oil gave up 8 cents to $55.40 per barrel in electronic trading on the New York Mercantile Exchange.

Trump's decision to delay the tariff increase has been greeted with a mixture of relief and dread among US industry groups and lawmakers, many of which are increasingly fed up with what they say is China's failure to live up to its World Trade Organization commitments.

That is because China has responded to the threat of escalating trade tariffs by increasing its monetary and fiscal stimulus, softening the potential blow as its economic growth rate falls to the slowest pace in 28 years.

Trump announced on Sunday that he would be planning a meeting with Chinese President Xi Jinping at his Mar-a-Lago estate in Florida to pursue a trade agreement.

Overall, China's CSI 300 index of large-cap companies is up 22.3 percent for the year to date, or about 11 percentage points more than the US benchmark S&P 500 index. Investors also are watching February manufacturing indicators due out this week for signs of further deceleration in global activity.

The report said the parties also agreed to "carry out follow-ups in accordance with the instructions of the two heads of state".

During the three rounds of high-level talks in almost one month, both Chinese and US presidents met the two negotiating teams to offer guidelines and impetus for future engagements.

Emerging market stocks are now the most popular trade among global fund managers, according to BAML data, though much of those bets are going into Latin American countries such as Brazil rather than China, according to the firm's research. The CAC 40 in Paris rose 0.4 percent to 5,236.

CURRENCIES: The dollar fell to 110.82 yen from 111.04 yen on Monday. "The high frequency engagement between Beijing and Washington at a senior level implies that both sides are looking for some form of settlement", said Tai Hui, chief market strategist, Asia Pacific at JP Morgan Asset Management. LLC, "if the United States and China settle the trade issues, it will be better for both economies".

The seven-month-old trade war has rattled global markets and prompted stark warnings about the risks to the world economy.

Shares of USA equipment maker Caterpillar and US aircraft maker Boeing, both sensitive to global trade, rose 1.97 percent and 0.67 percent, respectively.

Beijing has reportedly proposed a significant increase in its imports of U.S. energy and agricultural exports.

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