U.S.-China Mini Trade Deal Is Priced In, Says Morgan Stanley’s Garner

The transcript discusses the potential impacts of a phase one trade deal, focusing on its effects on tariffs and policy stimulus. It highlights the recent performance of emerging markets in Asia, particularly the hardware sector, and provides predictions for future earnings growth. The discussion also touches on the challenges of market valuations and the potential for a significant earnings growth next year.

What are the potential implications of a phase one trade deal on the equity market?

What are the expectations regarding the December tariffs and their impact on the global economy?

How have recent trade tensions affected chip sales into China?

What is the market consensus for earnings growth in emerging markets next year?

What factors are contributing to the current valuations of emerging markets?