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Stocks grind lower as markets await clues on trade talks

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Asian markets tread water as investors await clues on trade

Treasury yields fell slightly in Asia and crude oil futures also dipped as investors took a breather as U.S. and Chinese negotiators continued their efforts to seal a preliminary trade deal. The world’s two biggest economies have signaled they are pushing hard for a ‘phase one’ trade agreement, possibly some time this month.

“We’ve had a good run-up, but there may be some consolidation,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney. U.S. stock futures ESc1 edged 0.11% lower on Wednesday in Asia after the S&P 500 gave up just 0.01% on Tuesday, having reached a record high in the previous trading session.

Treasury prices rose slightly in Asia, recovering from a sell-off on Tuesday after data from the Institute for Supply Management showed the U.S. services sector expanded more than expected in October.

 

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