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* China warns of retaliation after U.S. passes HK rights
* PG&E down after U.S. Judge sides with wildfire victims
* U.S. stock markets to shut at 1 p.m. ET
* Futures off: Dow 0.20%, S&P 500 0.18%, Nasdaq 0.26%
(Adds comments, updates market action)
By Arjun Panchadar
Nov 29 (Reuters) - U.S. stocks were set to open lower for
the first time this week on Friday, as trade tensions resurfaced
after China rebuked President Donald Trump's decision to ratify
a bill backing protesters in Hong Kong.
The legislation knocked global stocks off near-record highs
on Thursday, when U.S. markets were closed for Thanksgiving Day.
Wall Street has notched all-time closing highs in every
session so far this week on upbeat domestic data and hopes of an
imminent "phase one" trade deal.
But sentiment took a hit after China said on Thursday it
would take "firm counter measures" if the United States
continues to interfere in Hong Kong.
These could include barring drafters of the legislation from
mainland China, Hong Kong and Macau, the editor of China's
state-backed Global Times tabloid said in a tweet. "It is definitely a concern that the signing of the Hong
Kong bill will be seen as an impediment to an agreement," said
Rick Meckler, partner at Cherry Lane Investments in New Vernon,
New Jersey.
"At this point, investors are also using this as an
opportunity to take some profits."
The tariff war between the world's top two economies has
dented business sentiment and become the biggest risk to global
growth. The next round of U.S. tariffs is due to take effect on
Dec. 15 on Chinese goods including Christmas decorations.
U.S.-listed Chinese stocks were trading lower before the
opening bell, while trade-sensitive chipmakers including Micron
Technology Inc MU.O and Nvidia Corp NVDA.O dipped between
0.5% and 0.8%.
At 8:17 a.m. ET, Dow e-minis 1YMcv1 were down 57 points,
or 0.2%. S&P 500 e-minis EScv1 were down 5.75 points, or 0.18%
and Nasdaq 100 e-minis NQcv1 were down 22 points, or 0.26%.
Trading volumes are expected to be light as the stock market
closes early on Friday.
Shares of PG&E Corp PCG.N fell 6.6% after a report that
U.S. bankruptcy judge Dennis Montali sided with wildfire
victims, who said the company was subject to a doctrine known as
"inverse condemnation" that holds utilities strictly liable for
covering the costs of wildfires. In a bright spot, Tech Data Corp TECD.O jumped 12% as
private equity firm Apollo Global Management APO.N raised its
bid for the U.S. information technology equipment distributor to
about $5.14 billion.