TOKYO (Reuters) – A rally in global shares stalled on Wednesday, with Asian shares slipping from three-month highs, as the prospect of a rate cut by the Federal Reserve was countered by worries a Sino-U.S. first-stage trade deal could be delayed.
European shares are also set for a soft opening session, with Euro Stoxx 50 futures STXEc1, German DAX futures FDXc1 and FTSE futures FFIc1 all trading flat to a tad lower.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed 0.33% from Tuesday’s three-month high while Japan’s Nikkei .N225 lost 0.57% after hitting a one-year high the previous day.
China’s CSI300 of Shanghai and Shenzhen shares .CSI300 fell 0.49%.
On Wall Street overnight, the S&P 500 index touched a record intraday high, led by strong earnings from drug manufacturers such as Merck (MRK.N) and Pfizer (PFE.N), before ending down 0.08%.
Markets had erased gains after Reuters reported a U.S. administration official said an interim trade agreement…
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