The US and China announced that they officially agreed on the terms of the phase one of the final trade deal and started immediately to negotiate the phase two.

Under the new agreement, the US canceled its tariffs hike decision against China, which was due next Sunday.

While the US Department of the Treasury revealed that the current tariffs against China will remain, which are 7.5% on $120 billion worth of imports and 25% on $250 billion worth of imports.

China has confirmed agreeing to the phase-one deal terms that include technological intellectual property rights and its pledge to buy a certain size amount of US farm goods.

The major US stock indices opened higher today after the announcement of a trade deal in principle between the world's two largest economies.

Multiple news agencies reported yesterday, US President Donald Trump signed the phase one trade deal with China after negotiators from both sides have agreed on the terms draft of the deal.

Markets are anticipating the details about the deal, amid news about a Chinese pledge to buy a certain amount of US farm goods.

Under the new agreement, the US will cancel its tariffs hike decision against China, which was due December 15.

US data revealed today that retail sales in rose by 0.2% in November, lower than forecasts of 0.5%.

As for trading, Dow Jones rose by 0.2% or 63 points to 28,195 as of 15:15 GMT, Nasdaq rose by 0.3% or 25 points to 8,742, and S&P 500 added 0.4% or 13 points to 3,182.

Palladium continued to rise today, for the sixth straight day, to continue its run towards all-time high.

Palladium's gains came after mining activities have stopped in South Africa, the world's largest supplier of platinum and the second largest of palladium.

Sources in South Africa said that the authorities are still working on providing the necessary energy for factories and miners to resume working, which has negatively affected the economic situation of the country.

Analysts fear that the global palladium supply would decline due to production disruptions in South Africa as the country is facing a power outage crisis for an unknown period.

The US dollar dropped today which eased pressure on dollar-denominated commodities, as the dollar index fell against a basket of major currencies by 0.5% to 96.8 points as of 14:34 GMT, and hit an intraday high of 96.9 and a low of 96.7.

Palladium March futures surged 1.6% to $1,944.6 an ounce as of 14:35 GMT, and hit a session-high of $1,958.5 and a low of $1,915.4.

The US retail sales index rose less than expected in November, a negative sign ahead of the Christmas holiday season, amid forecasts to have strong sales.

Despite strong sales in the Black Friday in November, the US retail sales index rose only by 0.2%, lower than forecasts of 0.5% and lower than 0.4% in October.

Cars and spare parts sales to in rose by 0.5% last month, and fuel sales rose by 0.7%.