Asia Stocks Set to Slip Amid Trade Deal Impasse: Markets Wrap

(Bloomberg) -- Asian stocks are set to open lower with little direction from their U.S. peers after China said it wanted more talks before signing a trade deal. Oil retreated.Australia’s shares slipped at the open, while futures were lower in Hong Kong, with modest gains seen in Japan as traders there return from a holiday. S&P 500 Index futures edged higher after the benchmark fluctuated most of Monday after China appeared to pour cold water on a pact touted by President Donald Trump, with people familiar with the situation saying it wanted to iron out details before signing it. Volumes were about 28% below average. A tweet from the Global Times’ editor-in-chief painted a more optimistic outlook, giving equities some support. U.S. bond markets were closed for the Columbus Day holiday.Investors are being kept on their toes as the U.S. and China try to hammer out a trade deal. Treasury Secretary Steven Mnuchin told CNBC television Monday the sides made “substantial progress” last week in negotiations and he expected Trump and President Xi Jinping to finalize the accord at a summit in Chile next month. Focus now turns to the earnings season that begins with big U.S. banks including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley.Meanwhile, the Turkish lira was little changed after the U.S. announced sanctions on three senior Turkish officials and sharply increased tariffs on steel in response to the military operations in Syria. The iShares MSCI Turkey ETF slumped 3.9% earlier.Elsewhere, the pound spiked briefly Tuesday after a U.K. Telegraph report that a Brexit deal appears to be taking shape.Here are some key events coming up this week:Wednesday brings a monetary policy decision in South Korea.U.S. retail sales are forecast to increase for a seventh straight month. Sales in the “control group” are also expected to rise. Consumer spending is carrying the weight of U.S. economic growth so the data will be monitored closely for any signs of slowing.China releases third-quarter GDP, September industrial production and retail sales data on Friday.Here are the main moves in markets:StocksFutures on the Nikkei 225 rose 1.1%.Australia’s S&P/ASX 200 Index slid 0.3%.Hang Seng Index futures dropped 0.2%.S&P 500 futures rose 0.1%. The S&P 500 Index fell 0.1%.CurrenciesThe yen was flat at 108.40 per dollar.The offshore yuan traded at 7.0688 per dollar.The Bloomberg Dollar Spot Index dipped.The pound traded at $1.2605.CommoditiesWest Texas Intermediate crude slipped 0.2% to $53.49 a barrel after dropping 2.2% in the previous session.Gold was steady at $1,492.17 an ounce.\--With assistance from Claire Ballentine and Sarah Ponczek.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

https://finance.yahoo.com/news/asia-...html?.tsrc=rss