December 3, 2019 / 11:02 AM / 3 days ago

Stocks weaken, yuan falls after Trump says no trade deal deadline

LONDON (Reuters) - European stocks fell into the red and the Chinese offshore yuan skidded to a near five-week low on Tuesday after U.S. President Donald Trump said he had no deadline for reaching a trade agreement with China, adding it could come after the 2020 U.S. election.

The pan-European STOXX 600 index turned negative and was down 0.2%, weighed down by export-heavy mining stocks. Paris' CAC 40 .FCHI was among the top drags with the index sliding 0.5% to more than one-month lows.

U.S. stock futures were down 0.3% as of 1026 GMT ESc1.

The dollar rallied against the Chinese offshore yuan to its strongest since Oct. 30 and was last up 0.4% at 7.068 yuan CNH=EBS. Safe-haven currencies the Japanese yen and Swiss franc also made gains JPY=EBS EURCHF=EBS.

European government bond yields retraced some of their overnight rises, with 10-year German bond yields down 2 bps at -0.299%DE10YT=RR.

In early European trading, ten-year German bond yields had hit a three week high of -0.26 percent.

Reporting by Tommy Reggiori Wilkes, Thyagaraju Adinarayan, Julien Ponthus and Saikat Chatterjee; Editing by Dhara Ranasinghe

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