Stocks, Soybeans, & Yuan Suddenly Plunge On US-China Trade Deal Delay Headlines

US equity futures suddenly tumbled after Reuters reports that the signing of the US-China trade deal could be delayed until December as terms and the venue remain unclear.

Additionally, a senior official of the Trump administration told Reuters on Wednesday that it was still possible the "Phase One" agreement aimed at ending a damaging trade war would not be reached, but a deal was more likely than not.

Dozens of venues have been suggested for the meeting, which had originally been scheduled to take place on the sidelines of a now-canceled mid-November summit of Asia-Pacific leaders in Chile, the official said. They included sites in Europe and Asia, but the former was more likely, with Sweden and Switzerland among the possibilities.

Iowa, which Trump has suggested, appeared to have been ruled out, the official said. China's latest push for more tariff rollbacks would be discussed, but was not expected to derail progress toward an interim deal.

The official said China was believed to see a quick deal as its best chance for favorable terms, given pressure Trump is facing from a congressional impeachment inquiry as he seeks re-election in 2020.

And just like that...

Erasing the day's modest gains...

As the market's pricing for a trade deal sinks...

Soybeans are sinking...

And Yuan is weaker...

Source: Bloomberg

So the phase one deal that was 99% done... is now delayed another month at least and could still not be deal?