Asia markets set for lower open as US-China trade war takes center stage

Asia markets are set to open lower on the last trading day of the week amid a possible escalation in the U.S.-China trade war later today.

Nikkei futures in Chicago and Osaka were both at 22,400, as compared to the index's last close at 22,487.94.

In Australia, SPI futures were at 6,120.0 as compared to the ASX 200's last close at 6,160.4.

Overnight on Wall Street, stocks mostly fell during the trading session. The Nasdaq Composite fell by 0.9 percent to close at 7,922.73 as it posted its third straight day of losses. The S&P 500 slid by 0.4 percent to close at 2,878.05. The Dow Jones Industrial Average, however, managed to buck the general trend to end up by 20.88 points at 25,995.87.

Trade remains in focus for markets, with the negotiations between the U.S. and Canada still underway as the two parties seek to come to an agreement on the future of the North American Free Trade Agreement. The talks are expected to continue and could potentially last weeks.

The ongoing U.S.-China trade war could also see an escalation today amid already tense relations between the two economic powerhouses, following reports which said the Trump administration could place tariffs on an additional $200 billion worth of Chinese goods as soon as a public comment period ends at 12:00 p.m. HK/SIN today. China's commerce ministry has said the country would retaliate if the U.S. imposes new tariffs.

Source: CNBC

Read more:

• US – Iran – Iraq tension remain the main driver of the stock market today
• How top market players on Wall St think 2020 will look like on financial markets
• Money Flow before the start of the new trading week
• Cincinnati Financial Corporation (CINF.US) -Opportunity for long positions
• Asia stocks gain as Fed signals no rate cuts in 2020