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| - Stock markets fell Wednesday as investors took their foot off the pedal following weeks of gains, with focus on the signing later in the day of the China-US trade deal. European indices mostly followed Asia lower, although London's benchmark FTSE 100 managed a slight rise thanks to a falling pound which boosts share prices of the index's multinationals earnings in dollars. The pound dropped versus the dollar and euro as UK annual inflation slumped to a three-year low at 1.3 percent in December, increasing the chances of a Bank of England interest-rate cut this month on the eve of Brexit. Separate official data Wednesday showed German economic growth plummeted in 2019. Business activity in Europe's powerhouse expanded by just 0.6 percent last year, compared with an increase of 1.5 percent in 2018. "European stocks are mostly treading water while US futures are marginally lower following a lacklustre start to the week," noted Craig Erlam, senior market analyst at OANDA Europe. "We've been waiting for the (US-China) signing ceremony for so long but there is a worry that, despite details of the deal being largely concealed, what we are hearing is a little underwhelming and may be already priced in, maybe even too much." While the mood on trading floors was broadly upbeat as tensions between the economic superpowers eased, analysts warned there will not likely be much more progress on the next phase of talks ahead of the US presidential election in November. Under terms of the mini pact, which eases a two-year standoff that has jolted the global economy, the White House is to cut in half tariffs imposed September 1 on $120 billion of Chinese goods and cancel a second round set for December 15. In return, Beijing has pledged vast sums to buy US products including pork and soybeans. Still, the next round of negotiations is expected to be the toughest, with key issues including China's massive subsidies for state industry and forced technology transfer likely to prove key sticking points. Treasury Secretary Steven Mnuchin denied a report that it could include provisions to roll back more levies on China after the presidential vote, with progress on phase two the key to measures being removed. But he did tell Fox Business network: "I think phase one is an enormous step in the right direction." Officials said full details would be made public after the signing ceremony in Washington. London - FTSE 100: UP 0.1 percent at 7,630.21 points Frankfurt - DAX 30: DOWN 0.1 percent at 13,447.71 Paris - CAC 40: DOWN 0.1 percent at 6,034.48 EURO STOXX 50: DOWN 0.1 percent at 3,770.64 Tokyo - Nikkei 225: DOWN 0.5 percent at 23,916.58 (close) Hong Kong - Hang Seng: DOWN 0.4 percent at 28,773.59 (close) Shanghai - Composite: DOWN 0.5 percent at 3,090.04 (close) New York - Dow: UP 0.1 percent at 28,939.67 (close) Pound/dollar: DOWN at $1.3013 from $1.3019 at 2200 GMT Euro/pound: UP at 85.70 pence from 85.48 pence Euro/dollar: UP at $1.1151 from $1.1128 Dollar/yen: DOWN at 109.85 yen from 109.99 Brent Crude: UP 0.1 percent at $64.52 per barrel West Texas Intermediate: UP 0.2 percent at $58.33 per barrel burs-bcp/rfj/wai
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