U.S. government debt prices were higher Tuesday morning, as investors awaited a fresh batch of economic data.

At 04:45 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.8626%, while the yield on the 30-year Treasury bond was also lower at around 2.2787%.

Market focus is largely attuned to global trade developments, following a preliminary trade agreement between the world’s two largest economies.

Late last week, President Donald Trump and Chinese officials announced that the U.S. and China had agreed to a so-called “phase one” agreement.

It is understood that Beijing agreed to billions of dollars in agricultural purchases from the U.S., while Trump said he would not move ahead with a new round of planned tariffs, among other items.

The deal, which is not yet signed, is set to be confirmed in the first week of January, according to U.S. Trade Representative Robert Lighthizer.

On the data front, the latest Empire State Manufacturing survey will be released at around 8:30 a.m. ET. Housing starts for November, building permits for November and a business leaders survey for December will all be released at the same time.

Industrial production figures for November will be released at 9:15 a.m. ET, with the latest Job Openings and Labor Turnover Survey (JOLTS) set to follow shortly thereafter.

There are no major U.S. Treasury auctions scheduled on Tuesday.

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