Stocks Slip as Trade Hopes Fade

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11/08/2019 | 11:04 am

By Will Horner

Global stocks pulled back Friday as optimism waned regarding the U.S. and China making progress in resolving the trade war.

Futures tied to the Dow Jones Industrial Average index drifted down 0.1%. The Stoxx Europe 600 gauge fell 0.5%, with losses led by the basic resources and banking sectors. Stocks in Asia also pulled back, with the Hang Seng declining 0.7% and the Shanghai Composite Index losing 0.5%.

While markets had begun betting that a partial trade deal would be accompanied by a rolling-back of existing tariffs, questions remain about President Donald Trump's commitment to offering such concessions. Peter Navarro, a senior U.S. trade adviser, said there was no formal agreement in place and the final decision would lie with Mr. Trump.

Global markets, which have also been buoyed lately by signs that a U.S. recession isn't imminent, will gauge signals from a measure of consumer sentiment due to be released later in the day by the University of Michigan.

U.S. corporations including Enbridge and Duke Energy are also scheduled to report quarterly results later on Friday.

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