Stocks Mixed Amid U.S.-China Tariff-Hike Concerns: Markets Wrap

(Bloomberg) -- Stocks in Asia were mixed amid concern that an American tariff hike on Chinese imports scheduled for Sunday could still go ahead despite reports on progress in trade talks.Shares slipped in Japan and saw modest gains in Seoul, Shanghai and Hong Kong. U.S. and European futures were little changed. White House adviser Peter Navarro said he had no indication that President Donald Trump has made a decision either on a deal or on proceeding with the tariff hike. The yuan edged lower offshore, though moves remain muted as traders await decisions on the U.S.-China front. Treasuries ticked higher, with investors also awaiting the Federal Reserve’s final policy meeting of the year.Thursday could bring more trade news, with President Donald Trump expected to meet with his trade team, according to people familiar with the discussions. The world’s top two economies are still wrangling over some type of interim trade deal that could see increased Chinese imports of agricultural products and some paring back in U.S. tariffs.As for the Fed’s Open Market Committee, it’s expected to keep interest rates on hold and avoid signaling a further reduction is on the immediate horizon.“The markets have become numb to the noise” on trade, Burns McKinney, Allianz Global portfolio manager, said on Bloomberg TV. “The FOMC meeting, the election in the U.K. and then later this week the December 15 deadline are all factors that I think the markets have generally not priced in any bad news.”The pound fell after Prime Minister Boris Johnson’s lead in Britain’s general election was slashed by more than half in a closely watched opinion poll released two days before the country votes. Crude oil retreated.Here are some key events to watch this week:The Federal Reserve decides on interest rates on Wednesday, followed by a press briefing from Chairman Jerome Powell.The next European Central Bank policy decision is on Thursday.The U.K. holds a general election Thursday.These are some of the main moves in markets:StocksTopix index fell 0.3% at the 3 p.m. close in Tokyo.Hang Seng Index rose 0.7%.Australia’s S&P/ASX 200 Index rose 0.7%.Shanghai Composite Index rose 0.3%.South Korea’s Kospi index was up 0.4%.S&P 500 futures were little changed. The S&P 500 Index fell 0.2%.Euro Stoxx 50 contracts were flat.CurrenciesThe yen was little changed at 108.75 per dollar.The offshore yuan slipped 0.1% to 7.0367 per dollar.The euro was at $1.1089.The pound fell 0.2% to $1.3134.BondsThe yield on 10-year Treasuries fell one basis point to 1.83%.Australia’s 10-year bond yield rose five basis points to 1.15%.CommoditiesWest Texas Intermediate crude slipped 0.5% to $58.95 a barrel.Gold was stable at $1,463.43 an ounce.\--With assistance from Vildana Hajric and Claire Ballentine.To contact the reporter on this story: Andreea Papuc in Sydney at apapuc1@bloomberg.netTo contact the editor responsible for this story: Christopher Anstey at canstey@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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