(Adds U.S. market open, changes dateline, previous LONDON)
* China trade data adds to signs of weakness in economy
* Asian stocks gain, European shares fall
By Herbert Lash
NEW YORK, Oct 14 (Reuters) - The U.S. dollar gained on
Monday as initial optimism ebbed over a potential U.S.-China
trade deal that President Donald Trump outlined last week, but a
gauge of global equity markets was little changed as investors
sought details.
Oil prices fell more than 3% as scant details about the
first phase of a Sino-U.S. trade deal undercut optimism over a
thaw in the dispute that has sparked a slowdown in global
growth.
A slide in Chinese exports picked up pace in September while
imports contracted for a fifth straight month, evidence of
further weakness in China's economy as tariffs take their toll.
China's exports fell 3.2% from a year earlier in September,
the biggest fall since February, customs data showed.
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.05% while the FTSEurofirst 300 index .FTEU3 of leading
regional shares fell 0.43%.
Stocks traded near break-even on Wall Street. The Dow Jones
Industrial Average .DJI rose 18.71 points, or 0.07%, to
26,835.3. The S&P 500 .SPX lost 1.47 points, or 0.05%, to
2,968.8 and the Nasdaq Composite .IXIC added 2.25 points, or
0.03%, to 8,059.28.
"You're pivoting from what was trade escalation in August
and parts of September to trade de-escalation which markets
celebrated at the end of last week," said Michael Arone, chief
investment strategist at State Street Global Advisors in Boston.
"Now moving forward it's going to be about what exactly has
been agreed to?"
The U.S. benchmark S&P 500 ended Friday with its first
weekly gain in a month after Trump signaled the two sides had
taken the first major step in easing tit-for-tat measures.
Euro zone bond yields fell as caution regarding the trade
talks encouraged investors back into fixed income after a hefty
sell-off on Friday that sent borrowing costs to 2-1/2 month
highs.
Trading in U.S. Treasuries was closed for Columbus Day.
Earlier in Asia, stock markets cheered news of a trade
agreement. China's blue-chip CSI300 index .CSI300 gained 1.1%
while the Shanghai Composite Index .SSEC rose 1.2%.
Markets in Tokyo were closed.
The greenback, Swiss franc and Japanese yen all weakened as
optimism over the trade talks, together with the European Union
and Britain restarting Brexit negotiations, encouraged investors
into riskier assets.
The dollar index .DXY rose 0.22%, with the euro EUR=
down 0.18% at $1.102. The Japanese yen JPY= weakened 0.02%
versus the greenback at 108.45 per dollar.
Sterling fell about half a percent to $1.2588 GBP= ,
retreating from a 15-week high of $1.2708 on Friday, on optimism
Britain could reach a deal on Brexit with the European Union.
A Brexit deal was hanging in the balance after diplomats
indicated the EU wanted more concessions from Prime Minister
Boris Johnson and that a full agreement was unlikely this week.
Brent crude LCOc1 dropped $1.67 to $58.84 a barrel, while
U.S. West Texas Intermediate (WTI) crude CLc1 lost $1.47 to
$53.23 a barrel.