US-China Trade Truce Euphoria Fades After Dizzying Week

Excitement over the surprise trade-war truce between the US and China has quickly turned to caution, as the reality of a more subdued business environment than in the past returned to view.

Stocks in Hong Kong slumped as much as 1.9%, while US stock futures dropped after news of the de-escalation triggered rallies the previous day. The dollar declined against virtually all its major peers.