The US-China trade talks in Beijing wrapped up without a deal on Friday and now move to Washington this week as the 1 March deadline looms. Taking the view that no news is good news, the stock markets remain optimistic, with the Dow Jones and S&P up 1.70% and 1.0% respectively, as the sparkling post-Fed rally continues. The FX and bond markets were more sanguine as the dollar gave back a small proportion of its recent gains and bond yields rose slightly across the curve. What is becoming clear however, is the US is not prepared to settle for easy wins on the trade deficit by simply agreeing to China buying more ... (full story)