Tech leads stock slump as investors eye Fed, trade

[…] performers as the S&P 500 Index slipped, with defensive sectors like utilities faring the best. The tech-heavy Nasdaq 100 declined the most in a week as Facebook fell. The Stoxx Europe 600 index posted its first in four sessions. That followed declines across Asia, where Hong Kong’s gauge underperformed as police used tear gas in an attempt to disperse protesters who have closed roads in the financial district.

Just as investor concern over protectionism and global growth seemed to be easing, President Donald Trump’s announcement that he is personally delaying a trade deal with China and won’t complete the accord unless Beijing returns to terms negotiated earlier this year set in motion a fresh wave of uncertainty. The […] that China will meet with the U.S. on the sidelines of the G-20 later this month, trade tensions continue to fuel market uncertainty,” said Nema Ramkhelawan-Bhana, an economist at FirstRand Bank Ltd. in Johannesburg. “Yet, the growing probability of Fed cuts is counterbalancing trade concerns. The matter is crucial to global growth.”

Elsewhere, oil slumped in New York after a report showed U.S. crude inventories swelling. The lira erased a decline, after Turkey’s central bank left its policy rate unchanged. Gold rose as appetite grew for havens.

Here are some key events coming up:

The race to succeed Theresa May heats up with the first Conservative Party leadership ballot Thursday.

Euro-area finance ministers meet in Luxembourg Thursday.

On the agenda: Financial penalties for Italy over its debt load, and the euro-area budget.

China and the U.S. release industrial production, retail sales data Friday.

And these are the main moves in markets :

Stocks

The S&P 500 Index fell 0.3% as of 11:52 a.m. New York time.

The Stoxx Europe 600 Index dipped 0.3%, the biggest decrease this month.

The U.K.’s FTSE 100 Index decreased 0.4%, the first retreat in more than a week.

The MSCI Emerging Markets Index sank 0.6%, the biggest dip in almost three weeks.

Currencies

The Bloomberg Dollar Spot Index rose less than 0.1%.

The euro fell 0.1% to US$1.1313.

The British pound fell 0.3% to US$1.2692.

The Japanese yen rose 0.1% to 108.45 per dollar.

Bonds

The yield on 10-year Treasuries decreased two basis points to 2.12%.

Germany’s 10-year yield was little […]