Scepticism remains over the scope of Phase One US-China trade deal

US STOCKS rose to new record highs last week after US and Chinese leaders finally signed the "Phase One" trade deal and earnings reports topped modest expectations.

But gains were limited by scepticism about the scope of the trade deal and the sustainability of what soon could be the biggest bull-market move in history. Any disappointment in earnings reports this week could cause the torrid rally to cool off.

The US agreed to slash tariffs on about a third of Chinese imports in return for guarantees on intellectual property and US$200 billion in purchases of American goods in the next two years.