Global Markets: Asian shares soft as US-China trade doubts creep back in
Global Markets: Asian shares started Tuesday softer as another day awaiting clearer news on the progress of US-China trade negotiations weighed on jaded investors` sentiment.
Global Markets: Asian shares started Tuesday softer as another day awaiting clearer news on the progress of US-China trade negotiations weighed on jaded investors` sentiment. MSCI`s broadest index of Asia-Pacific shares outside Japan fell 0.1%. Japan`s Nikkei was 0.2% lower in early trade. Australia`s S&P/ASX 200 index was flat and trading volumes were light. E-Mini futures for the S&P 500 fell 0.05%, although that followed another record-high close on Wall St on Monday.
Overnight, CNBC reported the mood in Beijing was pessimistic about the prospects of sealing an agreement. On the other hand, a new extension allowing US companies to continue doing business with Chinese telecoms giant Huawei Technologies Co Ltd suggested something of an olive branch, though neither morsel shed much light on progress in negotiations.
"We`re still waiting," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.
"The longer we go on, the more concerns will arise. The reality is the clock is ticking...increasing uncertainty is adding to investor nervousness."
The next deadline in the dispute - which has harmed global growth - is Dec. 15, when another round of U.S. tariffs on Chinese good is scheduled to take effect.
Optimism that an agreement could be struck before then is still holding, but it is beginning to run out of puff.
Wall Street`s main indexes were mostly flat, looking for direction on trade, though they ended the day inching higher to record high closing
The Dow Jones Industrial Average rose 31.33 points, or 0.1%, to 28,036.22. The S&P 500 gained 1.57 points, or 0.05%, to 3,122.03 and the Nasdaq Composite . added 9.11 points, or 0.1%, to 8,549.94.
The pan-European STOXX 600 index closed down 0.01%, while the FTSEurofirst 300 index of leading regional shares fell 0.04%. The yield on benchmark 10-year Treasury notes fell overnight and steadied at 1.8152% in Asia.