Envirotech Vehicles appoints Jason Maddox to board of directors
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Markets await China industrial production data
* Hopes for resolution to U.S.-China trade war fade
* Safe havens benefit amid lingering uncertainty
By Stanley White
TOKYO, Nov 14 (Reuters) - Asian stocks clung to tight ranges
on Thursday as investors awaited key Chinese data for clues on
how much the 16-month trade war between Beijing and Washington
has hit growth in the world's second-largest economy.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS fell 0.01%. Australian shares .AXJO were up
0.12%, while Japan's Nikkei stock index .N225 fell 0.02%.
Dashing previously upbeat expectations about a resolution to
the Sino-U.S. trade war was a Wall Street Journal report that
said negotiations had hit a snag over farm purchases. Worries
about violent anti-government protests in Hong Kong also soured
investor sentiment. In the cautious climate, the yen and the Swiss franc, two
currencies considered safe-havens, held onto gains against the
dollar.
Investors are trying to determine whether the stimulus
measures the Chinese government has taken so far are helping
prevent further economic slowdown. However, complete confidence
in the global outlook is unlikely to return until there is a
lasting solution to the U.S.-China trade war.
"The markets have been pushing to new highs, but it's been a
bit of a bumpy ride," said William O'Loughlin, portfolio manager
at Rivkin Asset Management in Sydney.
"The markets have realised that the news on trade is going
to swing back and forth. I wouldn't be surprised if there is
more weakness in China's economy. I would want to see several
months of improvement before I saw we've reached the bottom."
U.S. stock futures ESc1 fell 0.04% in Asia on Thursday
after the S&P 500 .SPX eked out a 0.07% gain on Wednesday and
closed at a record high, helped by a surge in Walt Disney Co
DIS.N shares. U.S. stocks have climbed to record levels recently, fuelled
by interest rate cuts, positive earnings, and signs the economy
is bottoming out, but doubts about progress in U.S.-China trade
negotiations remain a huge risk to financial markets and global
growth.
Washington and Beijing have imposed tariffs on each other's
goods in a bitter dispute over Chinese trade practices that the
U.S. government says are unfair.
Chinese data for October due at 0200 GMT is expected to show
industrial output growth slowed but retail sales accelerated
slightly.
Investors and economists will scrutinise the data to
determine whether China can shake off the negative impact of
punitive tariffs.
In currency markets, the yen JPY=EBS was quoted at 108.77
per dollar, close to a one-week high. The Swiss franc CHF=EBS
traded at 0.9898 versus the greenback, near the highest in more
than a week.
Sentiment in the currency market remained weak after U.S.
President Donald Trump on Tuesday threatened China with
additional tariffs if they do not reach a so-called "phase one"
trade agreement.
Traders are also keeping an eye on unrest in Hong Kong.
Anti-government protesters dug in at several university
campuses across the city on Wednesday, setting the stage for
further clashes with the police. Protests against Chinese rule
of the former British colony started in June this year.
U.S. crude CLc1 rose 0.47% to $57.39 a barrel after
Mohammad Barkindo, secretary general of the Organization of the
Petroleum Exporting Countries (OPEC), said rival U.S. shale oil
production could grow by much less than expected in 2020.
Barkindo also said he was confident that OPEC and its allies
will continue to curb supplies next year. The yield on benchmark 10-year Treasury notes US10YT=RR
rose slightly to 1.8860% in Asia on Thursday, recovering
slightly from a decline on Wednesday.
(Editing by Sam Holmes)