S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
* Asian shares step back from highs on concerns over trade
* Beijing says U.S., China agree to cancel tariffs in phases
* Sources say the plan meets opposition within White House
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
By Hideyuki Sano and Swati Pandey
TOKYO/SYDNEY, Nov 8 (Reuters) - Asian stocks retreated from
six-month highs on Friday on uncertainty over whether and when
the United States and China will seal a deal marking a truce in
their trade war that has slowed economic growth and roiled
markets.
Global markets rallied overnight on news the two countries
have agreed to roll back tariffs on each others' goods as part
of the first phase of a trade deal.
But markets ran into profit taking during Asian hours on
worries the pact could still fall apart as an outside adviser to
Trump said there was no specific agreement for a phased rollback
of the tariffs. Multiple sources familiar with the talks said the plan
faced fierce internal opposition at the White House and from
outside advisers. MSCI's gauge of Asia-Pacific shares outside Japan
.MIAPJ0000PUS was off 0.2% at 536.43 after rising to 538.77, a
level not seen since early May. For the week, it is so far up
more than 2%.
Tokyo's Nikkei .N225 , which earlier in the day climbed to
a 13-month high, gave up some of the gains to be last up 0.05%.
Chinese shares were firm with the blue-chip index .CSI300 up
0.4%.
"The noise coming from Washington DC was not quite so
upbeat, with reports of conflicts amongst White House advisors
on the merits of the plan," said Jeffery Halley, senior market
analyst at OANDA.
"That said, despite the lack of detail and a concrete
timeline for even signing an interim trade deal, progress does
at least appear to be being made. As ever, the caveat here is
the unpredictable nature of the White House."
E-mini futures for the S&P 500 ESc1 were down 0.2% while
Dow minis 1YMc1 ticked 0.1% lower.
Overnight on Thursday, U.S. stocks pared gains on the report
of the opposition to the deal in Washington but the Dow and S&P
500 did end at all-time closing highs. The Nasdaq missed a
record close by less than two-tenths of a point.
As investors wound back their buying in safe assets, the
10-year U.S. Treasuries yields jumped to 1.9730% US10YT=RR on
Thursdsay to a three-month peak, and last stood at 1.9138%.
In the currency market, safe-haven currencies lost some of
their edge, though moves were small.
The dollar climbed to 109.22 yen JPY= , reaching a
five-month high of 109.49 the previous day.
The offshore yuan traded at 6.9768 yuan per dollar CNH= ,
not far from a three-month high of 6.9530 per dollar in U.S.
trade on Thursday.
The euro was steady at $1.1051 EUR= , having marked a low
of $1.10355 in U.S. trade, its weakest since Oct. 16.
That helped to push up the dollar index =USD to three-week
highs of 98.236. The index last stood at 98.112.
Gold was a tad firmer at $1,468.7844 per ounce XAU= ,
having hit a five-week low of $1.460.7 on Thursday.
Oil prices slipped with U.S. West Texas Intermediate (WTI)
crude CLc1 losing 22 cents to $56.93 per barrel. Brent was
down 11 cents at $62.18. O/R
(Editing by Shri Navaratnam and Lincoln Feast)