Danske Bank analysts note that IMF to revise up Chinese growth from 5.8% to around 6% after phase-one deal.

"Data on industrial production and retail sales underpin growth of at least 6% in Q4 and early 2020. We see more upside in Chinese equities. Signing of a phase-one deal is still on track for early January. Xi Jinping will not join Davos meeting, which could have been a Xi-Trump signing opportunity. USD/CNY treads water around 7-level. We look for more downside in 2020."