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.

Scott Bauer, chief executive officer at Prosper Trading Academy:

“There’s so much skepticism, so much confusion. I don’t think the market has fully digested this yet. It certainly seems to be buy the rumor, sell the news,” he said.

“People are becoming very numb to it and not believing what they see. It’s becoming more annoying than nauseating, in the sense that we can’t believe what’s coming across the tape. It’s great for traders. It’s not great for the retail investor.

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.

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...

And the result...

Yuan has puked...

Source: Bloomberg

And stocks are fading fast...

sigh...