The benchmark S&P 500 finished short of an earlier all-time intraday high after President Donald Trump presided over a signing ceremony with Chinese officials. The deal commits China to do more to crack down on the theft of American technology and corporate secrets by its companies and state entities, while outlining a $200 billion spending spree to try to close its trade imbalance with the U.S. Soybeans slumped after China signaled purchases would be demand-based.

“While it does not appear that the ‘phase one’ deal addresses many of the structural issues that started the trade spat, it does mitigate the uncertainty that ongoing trade tensions present, namely the threat of new tariffs at a moment’s notice,” said Jason Pride, chief investment officer of private wealth at Glenmede Trust Co. in Philadelphia.

The S&P 500 set an intraday record for the sixth consecutive trading session, largely ignoring disappointing quarterly results from Goldman Sachs Group Inc. and Bank of America Corp. The Nasdaq Composite and Dow Jones Industrial Average indexes also set fresh highs. U.S. markets received an added boost earlier after White House economic adviser Larry Kudlow promoted more tax cuts.

Commodity markets got some numbers on China’s commitments to buy agricultural products, but doubts remain. Currency traders assessed the section that reaffirmed existing G-20 commitments, and investors in tech stocks pored over details on intellectual property concessions.

“It’s anti-climatic,” said Jim Paulsen, chief investment strategist at the Leuthold Group. “It was in there and people knew this for a while now, it’s about what you thought.”

Meanwhile, the Stoxx Europe 600 index finished little changed, while equities across most of Asia fell.

Russia’s currency weakened as much as 0.6% against the dollar. President Vladimir Putin replaced his long-serving prime minister and called for sweeping constitutional changes, fueling speculation that the Russian leader is moving to extend his grip on power beyond the end of his term in 2024.

Oil futures drifted, with West Texas Intermediate trading around $58 a barrel. Gold nudged higher.

Here are some events to watch for this week:

-It’s earnings season for the biggest American financial institutions, with Morgan Stanley and Bank of New York Mellon Corp. still to come.

–The Federal Reserve’s Beige Book report on regional economic conditions is due on Wednesday.

-China GDP, along with key monthly data for December, come on Friday.

-A final reading on the euro-zone’s December inflation is also due on Friday.

There are some of the main moves in markets:

Stocks

-The Dow Jones Industrial Average increased 0.3% to 29,030.28, the highest on record.

-The Nasdaq Composite Index climbed 0.1% to 9,258.70.

-The MSCI All-Country World index advanced 0.1% to 573.80, the highest on record.

-The Stoxx Europe 600 index was little changed at 419.63.

Currencies

-The Bloomberg Dollar Spot index decreased 0.1% to 1,191.76, the lowest in a week.

-The Japanese yen strengthened 0.1% to 109.90 per dollar, the largest rise in more than a week.

-The euro gained 0.2% to $1.1151, the strongest in a week on the biggest gain in more than a week.

-The British pound gained 0.1% to $1.3028.

Bonds

-The yield on two-year Treasuries fell one basis point to 1.56%, the lowest in a week.

-The yield on 10-year Treasuries fell three basis points to 1.78%, the lowest in almost six weeks.

-Germany’s 10-year yield declined three basis points to -0.20%, the biggest drop in more than a week.

-Britain’s 10-year yield decreased seven basis points to 0.654%, the lowest in seven weeks on the largest dip in six weeks.

Commodities

-West Texas Intermediate crude declined 0.4% to $57.96 a barrel, the lowest in six weeks.

-Gold strengthened 0.6% to $1,556.05 an ounce.

The deal commits China to do more to crack down on the theft of American technology and corporate secrets by its companies and state entities, while outlining a $200 billion spending spree to try to close its trade imbalance with the U.S. It also binds Beijing to avoiding currency manipulation to gain an advantage and includes an enforcement system to ensure promises are kept.

The ceremony at the White House, which included Trump, dozens of American business people and Chinese officials, was a rare moment of friendship lately between the world’s two largest economies. Acrimonious talks stretching back almost three years have roiled financial markets, cast a cloud of uncertainty over investment decisions and hurt growth in both nations.

“This is a very important and remarkable occasion,” Trump said at the signing. “Together we are righting the wrongs of the past.”

The benchmark S&P 500 Index set an intraday record high for the sixth consecutive trading session.

The deal, sealed on the same day the House prepared to refer articles of Trump’s impeachment to the Senate, has already been criticized for what is missing. It does nothing to address areas like what U.S. authorities have long claimed is China’s state-backed hacking of American companies and government institutions. Nor does it require the Asian nation to reform the vast web of state subsidies that form the spine of its model of state capitalism and have helped fuel the rapid growth of Chinese companies compete internationally.

The administration says many of those issues will be covered in a second phase of a deal, though when those talks will begin and how long they will take remains uncertain. In the meantime, the U.S. is also set to maintain tariffs on roughly two-thirds of imports from China.

“As soon as this kicks in we’re starting phase two,” Trump said. “I will agree to take those tariffs off if we’re able to do phase two, otherwise we don’t have any cards to negotiate with. They will all come off as soon as we finish phase two.”

At the ceremony, Chinese Vice Premier Liu He read a letter from President Xi Jinping, stating the two sides have to implement the agreement “in real earnest.”

“I hope the U.S. side will treat fairly Chinese companies,” he said through an interpreter. In his own comments, Liu said China will “strictly honor” the pact.

Trump’s top negotiator, U.S. Trade Representative Robert Lighthizer, told reporters ahead of the signing that the administration was focused on implementing the initial agreement in the short term. Any further negotiations will only come after that, he said.

Officials also insist that they are harvesting significant commitments from Beijing that mean the phase one agreement will benefit U.S. businesses and workers even if discussions never go any further.

The deal requires China to do more to stop the sale of pirated goods and to apply criminal penalties on anyone caught steeling commercial secrets. It also requires Beijing to deliver an action plan withing 30 days of the deal taking effect on how it intends to meet its commitments.

It also requires China to stop pressuring American companies investing in the country to share technology with local joint-venture partners. The agreement stipulates that the Chinese must stop supporting or directing the acquisition of overseas investment aimed at buying up technologies.

“This is an enormous win,” Treasury Secretary Steven Mnuchin told reporters ahead of the signing, pointing to Chinese commitments on IP that will affect the technology sector as well as other reforms on currency, the opening up of the financial services sector to U.S. companies and the promised spending spree.

Other supporters of Trump’s trade policies insist that the initial deal goes a long way toward addressing the IP issues that were at the core of the case brought against China. “Anyone complaining that this doesn’t resolve every U.S.-China issue needs to recall that this entire negotiation was based on a report on China’s IP and techtransfer policies,” said Clete Willems, who until last year was a member of Trump’s national economic council and is now at law firm Akin Gump.

China has already moved to address some U.S. complaints on IP. Over the past year, it has made a rapid-fire series of legal changes amid the negotiations to beef up protection. A new foreign investment law that took effect on Jan. 1 bans administrative agencies from forcing companies to transfer technological knowhow as a cost of entry to the Chinese market. It also exposes officials who disclose or leak trade secrets gleaned from regulatory approvals to potential criminal penalties.

The U.S. is also moving to address remaining issues like industrial subsidies in other ways. On Tuesday the U.S., European Union, and Japan said they had agreed on the content of new stricter global rules on subsidies aimed largely at China and would be mounting a joint push to build support for them internationally.

The Trump administration says what separates its deal most from others is the enforcement mechanism it establishes. Rather than rely on a slow-moving World Trade Organization dispute system that Trump in any case has already hobbled by blocking the appointment of top judges, the new agreement with China would allow the administration to move to punish Beijing with tariffs or other measures within 90 days if officials decided it was breaking its promises.

But even Lighthizer acknowledges how effective that mechanism will be depends on Beijing. “This deal will work if China wants it to work,” he said Wednesday.

The deal is also unique in the breadth of specific Chinese purchase commitments it contains, which some critics in the U.S. see as uncomfortably reminiscent of the sort of state-directed central planning American diplomats have spent decades trying to get China to abandon. Even those purchase promises, the details of which are contained in a secret annex to the agreement signed on Tuesday, face questions.

The text of the deal released Wednesday specifies $77.7 billion in Chinese purchases of manufactured goods including aircraft, $32 billion in agricultural products, $52.4 billion in energy and $37.9 billion in services in the two years through December 2021.

Much of the attention has focused on whether U.S. farm exports to China can reach the $40 billion to $50 billion annual level that Trump has promised, which would mean doubling the $24 billion in agriculture and related products it imported from the U.S. in 2017, before the trade war began.

There are also questions over a Chinese commitment to buy an additional $50 billion in U.S. oil and gas over two years and pledges to step up purchases of cars, planes and other manufactured goods.

To meet the energy target, China would have to import roughly one-third of the 3 million barrels a day of crude that the U.S. exported last year over a two year period, according to Bloomberg calculations. Which is why analysts believe meeting that deal may depend heavily on buying natural gas, which is usually traded via long-term contracts rather than spot purchases.

However, China may not have much appetite for any additional gas right now beyond the long-term contracts it has already committed to as it continues to struggle with a slowing economy and a slowdown in demand growth and already-brimming stockpiles. Likewise, U.S. LNG export plants have most of their volumes tied up in their own long-term contracts and would only be able to provide China with a marginal amount of spot supply over the next two years.

The statistics office estimates that output registered a small increase in the final three months of 2019, a year that saw growth of just 0.6%. That’s the slowest in six years, amid trade tensions and a broader slowdown in demand that added to fundamental structural challenges the country is battling.

The small increase in GDP at the tail end of 2019 may reinforce hopes that the economy is through the worst of the slump. It also means less chance the government will cave to calls that it provide more fiscal support for the economy.

But the economy, and particularly its industrial heart, are far from out of trouble. Carmakers including Volkswagen AG are facing a critical period as they push sales of electric vehicles, while manufacturers such as Siemens AG are under pressure to adapt to climate change. Geopolitical uncertainty in the Middle East and continued risk of a disruptive Brexit will also weigh on sentiment and momentum.

The figures for 2019 showed investment and exports posted only modest gains. At the same time, private and government consumption as well as construction accelerated. The government recorded a budget surplus of 1.5% of GDP.

“After a dynamic start to the year, and a decline in the second quarter, there were signs of a slight recovery in the second half,” said Albert Braakmann, head of the statistics office’s department that compiles GDP.

The euro was little changed against the dollar following the remarks. German 10-year bonds slipped for a second day, declining three basis points to -0.20%. They’ve been slowly edging back up toward positive territory recently on hopes that the economy is through the worst of the slump.

Business expectations improved at the end of last year and the Economy Ministry has pointed to a slightly better outlook for industrial activity, yet actual data are still largely disappointing. Manufacturing orders continued to decline late last year, and exports dropped.

In the 19-nation euro area, industrial production rose 0.2% in November, less than economists predicted, as output of intermediate and consumer goods declined.

Germany’s outlook for 2020 is barely better than its performance last year. Economists see growth accelerating to only 0.7% this year. The U.S., by comparison, is forecast to expand more than twice that pace.

“Germany’s economy saw a slight recovery in growth in 4Q, according to the statistics office — that’s consistent with our slightly above-consensus expectation for an expansion of 0.2% to be recorded. Leading indicators have turned up into 2020 and we see the worst as being over for for the German economy. Renewed trade tensions are the biggest risk to that view,” said Bloomberg Economics’ Jamie Rush.

Persistent weakness has fed calls for the government to ramp up fiscal stimulus. It’s already pledged to step up investment in infrastructure and education, and committed to spend 54 billion euros ($60 billion) fighting climate change — more than Germany’s stimulus plan following the financial crisis. It’s said more support will be available if the economy deteriorates.

Two weeks into the new year, Germany is among the first of the world’s advanced economies to publish 2019 GDP figures. As the world’s third-largest exporter, it acts as a bellwether for the global economy, which is widely estimated to have had its worst year since the Great Recession a decade ago.

– – –

Bloomberg’s Kristian Siedenburg, Harumi Ichikura and Zoe Schneeweiss contributed to this report.

In the past year, mobile apps accumulated $120 billion of global consumer spending, with games accounting for 72% of that. Advertising brought in $190 billion, said App Annie, forecasting the number to grow to $240 billion this year. China made up half of all consumer spending and is among the fastest-growing markets when it comes to time spent on a mobile device. The global average is now 3.7 hours per person per day, according to the researchers.

Among the headline-grabbers of the year, ByteDance Inc.’s video-sharing platform TikTok racked up 14.5 billion hours of time watched, with its audience growing 200% in the fourth quarter of 2019. Nine out of every 10 minutes spent in the app have come from China, App Annie said. Google’s YouTube Music racked up even more impressive numbers, growing worldwide active users 870% over the 24 months ending Dec. 19.

“Year 2020 will mark the beginning of a mobile-first decade,” said Cindy Deng, managing director for Asia-Pacific at App Annie. “It’s imperative that brands start to adapt their strategy to this growing generation, or risk being left behind.”

Generation Z — the cohort born after 1997 for whom mobile has become the first screen — is fueling the surge. Income from games continued to grow in 2019, when 1,121 mobile titles brought in more than $5 million in earnings, up from 959 two years prior. 139 games went beyond $100 million in revenue for the year, up from 88 in 2017.

But non-gaming apps grew even faster, led primarily by subscription-based revenue models and a rabid appetite for entertainment.

In the U.S., App Annie found Apple Inc.’s iOS platform commanded 79% of non-gaming app revenue versus Google’s Android claiming 21%, with the majority on both platforms coming from subscriptions to the likes of Tinder and Netflix Inc.

The use of mobile finance apps doubled between 2017 and 2019, with users accessing such services 1.1 trillion times in the past year. This has been driven by mobile-first countries like China, India and Brazil, while Indonesia, Japan and Russia are growing fastest when it comes to monthly active users. App Annie analysts said fintech apps designed specifically for mobile screens, such as Monzo or PayPay, were outperforming traditional banks because of their greater ease of use.

Entertainment apps also saw a 120% rise in use over the past two years, and in 2019 Netflix was joined by Apple TV+ and Walt Disney Co.’s Disney+ subscription streaming offerings. The competition will intensify as more mobile-centric services emerge: former HP Inc. Chief Executive Officer Meg Whitman and film veteran Jeffrey Katzenberg’s Quibi, for instance, offers different video perspectives depending on how a phone is held.

Streaming content looks likely to be the big driver for the adoption of 5G networking among mobile users, as App Annie found it growing universally around the globe. On Android phones over the past two years, India streamed nearly 80% more, France and Japan were up more than 50% and the U.S., Canada, and Indonesia all grew by more than 40%. Data consumption on streaming sports was up 80% over the same period, indicating a bandwidth-hungry market that’s far from hitting its consumption ceiling.

The urging came at a meeting at the State Enterprise Policy Office (Sepo) chaired by Deputy Prime Minister Somkid Jatusripitak.

Sepo deputy director Chanvit Nakburee said the state enterprises planned to invest Bt345.14 billion this year.

Among the key mega-projects targeted are the Red Line mass transit extension and double-track railway development.

Sepo director-general Prapas Kong-Ied said Somkid had urged the state enterprises to speed disbursement of funding by giving top priority to projects requiring imported raw materials and those involving overseas investment.

For instance, factories can deploy 5G to boost the performance of machinery in the production process, he told a seminar on businesses key to economic growth this year, hosted by the Economic Reporters Association.

Speaking at a separate event, the National Broadcasting and Telecommunications Commission (NBTC) secretary-general Takorn Tantasith said the 5G spectrum auction on February 16 is expected to sell at least 25 licences with a total value of Bt54.65 billion.

Proceeds of the auction will be handed over to the state coffer.

The NBTC will call bids for 56 licences, combining 700MHz, 1800MHz, 2600MHz and 26GH bands, worth a total of Bt160.577 billion.

Five companies have picked up the bid document, including the three subsidiaries of True Corp, Advanced Info Service and Total Access Communication. The other two are TOT and CAT Telecom.