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The European Union won't reopen a hard-fought deal it reached on the terms of the UK's exit from the bloc, Jean-Claude Juncker said yesterday, but Theresa May later insisted she was picking up support from fellow leaders to soften the deal enough to gain critical support for it at home. Beijing sought to ease tensions with Washington as its top trade negotiator told US officials that China was planning to reduce auto tariffs and boost purchases of soybeans and other crops, according to people in both capitals briefed on the discussions. Watch For: Mortgage data published, OPEC market report, PMQs for first time since postponed Brexit vote.
Members of OPEC reached a "preliminary agreement" following talks in Vienna to cut oil production, but specifics on the amount to be cut have not yet been decided, according to Russian news agency TASS. The Dow Jones Industrial Average tumbled as much as 785 points yesterday before sharply paring those losses in the final hour, showcasing the volatility that has rocked markets since the start of Q4. Watch For: Halifax House Price Index, Bank of England Quarterly Inflation Attitudes Survey, U.S. Employment Report.
In morning trading Japan's Nikkei 225 fell 1.27% while China’s Shanghai Composite Index fell 1.05%. In Hong Kong, the Hang Seng Index declined 2.34%. While China’s pledge on Wednesday to move quickly on trade commitments to the US had helped ease selling pressure in equities yesterday, news that Canada has arrested the CFO of Huawei and may extradite her to the US put a damper on sentiment. Opec and other top oil producing countries are set to meet later on Thursday in Austria, with a series of issues on the line. Chief among those is the discussion surrounding crude output policy. Ahead of the anticipated Opec meeting, shares of oil-related companies in Asia were mostly lower. US markets were closed on Wednesday to mark the death of former President George H.W. Bush