U.S. and Chinese officials had raised prospects of signing a phase one trade deal in a few weeks' time, but the Wall Street Journal reported Wednesday, citing former Trump administration officials, that ongoing U.S.-China trade talks could hit an impasse. Meanwhile, Reuters, which cited trade experts and people close to the Trump administration, reported that theThe U.S.
. "Our base case is that the phase one trade deal gets done and that might be about as good as it gets, that phase two and phase three remain distant next year," Andrew Sheets, chief cross-asset strategist at Morgan Stanley, told CNBC at the Morgan Stanley APAC Summit on Thursday. On the data front, the latest weekly jobless claims and Philadelphia Fed manufacturing figures for November will be released at around 8:30 a.m. ET. Existing home sales for October will follow slightly later in the session.
Meanwhile, the U.S. Treasury is set to auction $55 billion in 4-week bills, $40 billion in 8-week bills and $12 billion in 10-year Treasury Inflation-Protected Securities .
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