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  • Stocks inch higher, Yen drops in Asia.
  • US and China halt imposing import tariffs.

US stock futures picked up a bid on Monday as China and US agreed to halt imposing punitive import tariffs.

As of writing, the S&P 500 futures are up 0.17 percent or 0.63 percent. The risk-on action in the US stock futures has spilled over the Asian markets. Japan’s Nikkei index has added 0.40 percent or 90 points. The Shanghai Composite is reporting a 0.56 percent or 18 point gain. Other major Asian indicates are also reporting moderate gains.

Meanwhile, the anti-risk Japanese Yen is trading on the back foot. The USD/JPY printed a session high of 111.07, tracking the pro-risk equities, however, the 10-year remains flatlined around 3.065 percent.

US Treasury Secretary Mnuchin said the US trade war with China is “on hold” after Chinese and American negotiators set up a framework to address the trade imbalances.