Updates

** Shares of toymakers rise after U.S. and China agree to ease some tariffs

** Barbie-maker Mattel MAT.O up 9.5% at $18.88; Play-Doh maker Hasbro HAS.O up 7% at $65.82

** Trump administration's decision to step back from extreme 145% tariffs is welcome break for Hasbro, Mattel and broader toy industry, which remains deeply tied to Chinese manufacturing, says Zak Stambor, senior analyst at EMarketer

** It gives toy companies additional time to pivot production optimally and potentially forward position inventory ahead of back-to-school and holiday seasons, says Jamie Katz, analyst at Morningstar

** "Retailers may get a short-term reprieve heading into the holidays, but the long-term outlook is anything but settled," Stambor adds

** As of last close, MAT down 3% and HAS up 10% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))