Premarket: Stocks stall on trade jitters, German economy angst

European and Asian shares stepped back from eight-month highs on Thursday, as investors took money off the table amid fresh concerns about U.S.-China trade talks and as dire data from Germany signaled trouble for Europe.

Losses were led by Australia and New Zealand while Hong Kong, the Philippines and Indian markets were also in red. “We are expecting quite a constructive agreement between the U.S. and China when it comes to trade,” said AllianceBernstein China Portfolio Manager John Lin. “Also an important question would be whether an agreement would be sufficient to revive business sentiment and the global trade cycle,” J.P. Morgan Asset Management Asia Pacific Chief Market Strategist Tai Hui added.

The plan would see China committing to buy more U.S. commodities, including soybeans and energy products, and allow full foreign ownership for U.S. companies operating in China as a binding pledge.Traders were also squaring off positions ahead of U.S. jobs data due on Friday after earlier disappointments this week.

The euro barely budged at $1.1237 waiting for the minutes of the European Central Bank’s last meeting, when it pushed back rate hike expectations.

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