Opening Bell: U.S. Futures Weak Ahead Of Trump-Liu He Showdown; Bonds, Yen Up

U.S. futures slip as investors turn cautious ahead of Trump-Liu He meeting European shares drop on German data fiasco, Deutsche Bank-Commerzbank merger uncertainty Treasurys, yen gain on risk-off Sterling holds steady as no-deal Brexit is discarded Key Events

The exuberance seen across global stocks seemed to run out of steam this morning, with futures on the , and inching lower in another risk off-again-on-again day. Investors back-pedalled into the security of bonds and the , waiting impatiently for any piece of trade news that could give them the reassurance they need to rotate back into equities, while tomorrow’s U.S. —which may shed more light on decisions by the Fed—loomed in the background.

The retreated 0.32% after fresh data showed that Germany’s hit their lowest level in two years in February. The Pan-European benchmark pared about a tenth of the 3% advance it sealed in the previous four-day rally—which had helped it hit an eight-month high on Wednesday.

Miners and banks underperformed, as the market’s focus pivoted around Deutsche Bank-Commerzbank merger plans, which face fierce opposition from national unions. Italian lender UniCredit was reported to be preparing a formal bid to acquire Commerzbank (DE:) in case Deutsche Bank (DE:)’s plans failed—pushing shares of the former 3% higher in the early session.

Asian stocks were mixed, as investors awaited some clearer indication from trade negotiations. China’s gained 0.94%, while Hong Kong’s slid 0.17%. Japan’s edged 0.05% higher, as a surge by Apple (NASDAQ:) supplier Japan Display (T:) (+8.33%) wasn’t enough to pull up the broader market, after the index found resistance the top of a trading range, marked by the 200 DMA. The stock of the Japanese tech company leaped after Reuters reported it will supply organic light-emitting diode, or OLED, screens for the Apple watch.

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