Asian stocks, European and U.S. Futures slipped after President Donald Trump signed a bill backing Hong Kong protesters, spurring another threat of retaliation from China and raising concerns about the prospect for an interim trade deal. The Japanese Yen nudged higher and the Yuan lower amid the increase in bilateral strains. Hong Kong shares pared an initial drop, with China’s statement stopping short of any immediate retaliatory action. Japanese, Chinese and South Korean shares had modest declines. Earlier, the S&P 500 hit a fresh record high after U.S. economic data beat analysts’ expectations. The Pound rose after a poll suggested the U.K. election could deliver a large majority for the Conservative Party. With volumes light ahead of the Thanksgiving break and little in the way of direct trade news, Trump’s signing of a bill increasing American scrutiny of Hong Kong was one of the few narratives for investors. A global benchmark of developing and emerging-market equities remains just below its all-time record, on course for a third month of gains. Elsewhere, a drop in Latin American currencies turned into a rout Wednesday as Chile’s Peso, Brazil’s Real and Colombia’s Peso all hit record lows. Oil fell for a second day after U.S. crude production rose to a record.
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