The U.S. China Phase 1 trade pact.

After 18 months of conflict, it'll roll back some tariffs - and see China spend an extra 200 billion dollars on U.S. goods.

Wall Street on Wednesday showed approval - by setting a new record high on the S&P 500.

Elizabeth Miller is with Summit Place Financial Advisors.

(SOUNDBITE) (English) SUMMIT PLACE FINANCIAL ADVISORS, PRESIDENT, ELIZABETH MILLER, SAYING:

"There's a lot of uncertainty from 2019 that now is gone. The clouds are parting, and I think these markets are responding to a lot of optimism among investors."

A lot of uncertainty gone - but not all.

Asian shares closed with only small gains - and Europe struggled to make headway ...

As investors pored over the small print.

The first niggle: Phase 1 doesn't fully eliminate all tariffs.

Niggle 2: China's new purchase targets - to include energy, farm and manufacturing products - look hard to achieve.

Nor does the deal handle fundamental so-called 'structural' issues that led to the trade conflict.

Oil did see gains on the prospect of more Chinese demand.

But the equivocal response sapped enthusiasm on forex markets ...

Where the big currencies mostly shrugged off Wednesday's signing.

What positives there were from the deal, said traders, already largely priced in.