US stocks sharply higher on US-China trade truce; oil surges

Asian shares fall as lift from U.S.-China trade truce ends

China's yuan and several trade-dependent currencies made strong advances against the greenback as investors sold the safe-haven US currency and bought up riskier assets.

Also, later Monday there was uncertainty about Trump's claims in a tweet that China had agreed to slash tariffs on auto imports, with two of his top advisers unable to provide clarity on the issue.

Adding to worries over the outlook for the global economy, the yield curve between US three-year and five-year notes, and between two-year and five-year paper inverted on Monday - the first parts of the Treasury yield curve to invert since the financial crisis, excluding very short-dated debt. Chipmaker AMD jumped 9.3 percent.

There was added confusion over when the 90-day period, during which the USA and China would hold off on imposing more tariffs, would start. In return, Xi agreed to buy a "very substantial amount" of agricultural, energy and industrial products from the U.S.to reduce its large trade deficit with China, the White House said.

Investors will also focus on US monetary policy this week.

The news lit a fuse under markets after a torrid year that has been dominated by the trade war between the world's top two economies, which many fear will hit global growth.

The so-called "inversion" of the yield curve is the first since the beginning of the financial crisis in 2007 and to many investors sounded an alarm about a looming US economic slowdown.

The Australian dollar benefited from the broad-based dollar selling, gaining 0.3 percent in Asian trade at $0.7384.

"The focus is now shifting to the inverted US bond yield curve, which has negative connotations, while implying the USA economy is heading towards what was only a few weeks ago an improbable economic slowdown", said Stephen Innes, head of trading for APAC at Oanda.

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However, analysts also said US manufacturing data released on Monday had been reassuringly strong, with new orders a "key driver" in boosting activity.

Seoul dropped 0.8 percent, while Taipei eased 0.5 percent and Wellington gave back 0.1 percent, though there were gains in Shanghai, Manila, Bangkok and Jakarta. Brent crude rose 43 cents to $62.12 per barrel.

Another major shift was the dollar weakening against the other major world currencies again. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 percent.

The pound rebounded above $1.28 after the European Court of Justice (ECJ) ruled that European Union countries can unilaterally end a divorce process from the bloc. Against the euro, it rose 0.4 percent to a day's high of 88.9 pence. Against the dollar, the pound fell to its lowest since October at US$1.2708, down almost 0.7 per cent from the day's highs.

Traders pause for a moment of silence on the floor of the New York Stock Exchange (NYSE) in remembrance of former President George H.W. Bush in N.Y. on December 3, 2018.

The dollar came under pressure last week on Powell's comments that rates were nearing neutral levels, which markets widely interpreted as signalling a slowdown in the Fed's rate-hike cycle.

"The market pricing evident in the yield curve inversion from three to five segment of the curve, as well as the dip in the 10-year yield below 3 per cent yesterday, goes to reinforce these concerns" about the US economy potentially heading into a recession, said Prakash Sakpal, an economist at ING in Singapore. One of the company's suppliers, Cirrus Logic, trimmed its revenue outlook, more evidence that the latest iPhones are not selling well.

It traded up just 0.1 percent at $1.1323 at 1150 GMT. It ticked up $2.23 to $61.69 a barrel in London.

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