Trade Tensions Weigh on Markets

Trade Tensions Weigh on Markets

The only big victor of the day was the British pound which surged to seven-month highs versus the dollar ahead of Thursday's election, which the ruling Conservatives are expected to win comfortably.

The MSCI Asia Pacific Index decreased 0.2%.

The Fed is expected to leave rates unchanged at its two-day policy meeting, which ends Wednesday.

European companies in China "have effectively negated the tariff effects in a relatively short space of time", said EU Chamber of Commerce in China president Joerg Wuttke.

American and Chinese negotiators have signaled that they may be drawing closer to agreeing on phase one of a broader accord that would resolve the trade dispute, with the sides in nearly "around-the-clock" talks, White House economic adviser Larry Kudlow said.

The U.S. and China are working toward postponing tariffs on $165 billion of Chinese goods that are set to kick in on December 15, according to officials on both sides.

"We're having very good discussions on intellectual property and it's more than just the theft", said Ross.

White House economic adviser Larry Kudlow said the 15 December deadline for a fresh wave of tariffs (on some $156 billion of China's remaining exports to the US) is still in place. Germany's DAX fell 1.44% to its lowest in a week.

A report from the South China Morning Post should have us markets poised for a strong Tuesday - though, the major three USA indexes were all down in premarket and through the first half-hour or so of trading this morning.

Oil prices retreated but hovered near recent peaks after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020.

Australian shares were down 0.34%.

Beijing wants a prompt settlement of its trade war with Washington, according to a Chinese official. Exports to some other countries including France rose, helping to offset the loss.

Chinese customs officials say the country's total value of trade with the United States shrank in November from the same month a year ago.

Pork stocks declined broadly after a surge in pork prices accelerated China's consumer inflation in November.

That would tell investors "they have yet again been taken down the trade talk garden path only to end up at the cliff edge of trade war purgatory".

The British pound rose to a new seven-month high of $1.3180 as investors raised their bets on a Conservative Party victory and majority in parliament in Thursday's general election. Investors sitting on the sidelines would have no reason not to get back into the market.

On Tuesday, the US two-year yield, watched as a sign of market expectations of Fed fund rates, was at 1.6152 per cent, down from its close of 1.627 per cent on Monday.

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