Australian shares set to rise on Sino-U.S. trade deal reports, NZ down

Australian shares were poised to gain on
Friday on reports the United States and China have reached a
“deal in principle” to resolve a 17-month long trade dispute
that hurt global economic growth and demand.
Sources familiar with the negotiations told Reuters on
Thursday that U.S. negotiators offered to cut existing tariffs
on Chinese goods by as much as 50% and suspend new tariffs
scheduled to go into effect on Sunday, in an attempt to reach a
“phase one” deal.