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Stocks weaken, yuan falls after Trump says no trade deal deadline

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12/03/2019 | 05:58am EST

European stocks fell into the red and the Chinese offshore yuan skidded to a near five-week low on Tuesday after U.S. President Donald Trump said he had no deadline for reaching a trade agreement with China, adding it could come after the 2020 U.S. election.

The pan-European STOXX 600 index turned negative and was down 0.2%, weighed down by export-heavy mining stocks. Paris' CAC 40 was among the top drags with the index sliding 0.5% to more than one-month lows.

U.S. stock futures were down 0.3% as of 1026 GMT.

The dollar rallied against the Chinese offshore yuan to its strongest since Oct. 30 and was last up 0.4% at 7.068 yuan <CNH=EBS>. Safe-haven currencies the Japanese yen and Swiss franc also made gains <JPY=EBS> <EURCHF=EBS>.

European government bond yields retraced some of their overnight rises, with 10-year German bond yields down 2 bps at -0.299%.

In early European trading, ten-year German bond yields had hit a three week high of -0.26 percent.

(Reporting by Tommy Reggiori Wilkes, Thyagaraju Adinarayan, Julien Ponthus and Saikat Chatterjee; Editing by Dhara Ranasinghe)

Stocks mentioned in the article
ChangeLast1st jan.
CAC 40 -0.18% 5838.16 Real-time Quote.24.12%
CAC 40 INDEX FUTURE (FCE) - LIF/C1 -0.21% 5837.5 Delayed Quote.23.67%
EURO / SWISS FRANC (EUR/CHF) -0.04% 1.09163 Delayed Quote.-2.86%
STOXX EUROPE 600 -0.20% 404.63 Delayed Quote.20.64%
STOXX EUROPE 600 NR -0.20% 872.88 Delayed Quote.24.17%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.17% 7.03835 Delayed Quote.2.33%
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