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China has doubts over an enduring U.S. trade deal, Donald Trump's presidency is skating on thin ice now, and markets dip after yesterday's highs. Here are some of the things people in markets are talking about today.

China Doubts

Doubts are again clouding the U.S.-China trade talks. In the latest turn of sentiment, Chinese officials are voicing concerns over reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a “phase one” agreement. In private conversations in recent weeks, Chinese officials have warned they won't budge on the thorniest issues, according to people familiar with the matter. They remain concerned about President Donald Trump's impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks. The officials also relayed low expectations that future negotiations could result in anything meaningful — unless the U.S. is willing to roll back more of the tariffs. In some cases, they've urged American visitors to carry that very message back to Washington, the people said.

Markets Dip

Stocks in Asia looked poised to decline Friday after weak manufacturing data and renewed concern on trade sent Treasuries higher and U.S. equities lower. Futures on Japanese shares retreated along with those in Hong Kong and Australia. The S&P 500 declined after a regional manufacturing gauge missed estimates and jobless claims rose more than forecast, even after yesterday's highs. Treasuries advanced as Bloomberg reported that Chinese officials have warned they won't budge on some trade issues, extending gains in the wake of the Federal Reserve's signal it will keep policy on hold. Elsewhere, oil retreated on a combination of Saudi supply gains and the renewed trade woes. Gold surged more than 1% on Thursday.

Thin Ice

Donald Trump's presidency stands on its most treacherous ground after the House voted Thursday to approve and proceed with its impeachment inquiry. The resolution doesn't just lay out a road map for the public phase of the inquiry: It sends a clear signal that a vote to impeach Trump, and a trial in the Senate, is all but inevitable. Trump becomes just the fourth president to be subject to a formal impeachment effort. However, he may well be the first president to be impeached and then seek re-election. That dynamic presents a novel challenge for the president, as he must work to keep the Republican Party unified not just to prevent his removal from office by the Senate but also at the hands of voters. Here's a rundown of the perils he now faces.

Protesters And Party-Goers

Hong Kong police scuffled with protesters and party-goers alike in a chaotic Halloween of revelry and demonstrations on Thursday night. Over in Beijing, Communist Party leaders signaled tougher security measures in the restive financial center — the government's highest-level comment on the situation so far — although no details were offered beyond a vague statement. Clouds of tear gas wafted through the city's Central and Mong Kok areas, where protesters — many wearing costume masks in defiance of a recent ban on face coverings — gathered to push their demand for greater democracy and police accountability. Riot police closed the clubbing hotspot of Lan Kwai Fong around 8:30 p.m., leading to tense confrontations with costumed party-goers who were shut out. Here's a glimpse at some of those scenes.

India Protests

India's farmers' organizations have planned a nationwide protest — complete with burning effigies — on Nov. 4 to demand that the government of Prime Minister Narendra Modi keep agriculture out of a 16-nation trade agreement currently being negotiated in Thailand. An umbrella organization of about 250 farmers' unions from across the country said that they will burn effigies representing the China-backed Regional Comprehensive Economic Partnership — the world's largest regional trade agreement — to mark their protest and warn the government. Millions of Indian farmers would struggle to compete should the country agree to cut duties for agricultural and dairy products in the proposed trade pact, said V.M. Singh, a convener of the the farmers' group. Proposed imports would include dairy and agricultural products including wheat, cotton and oil seeds. 

What We've Been Reading

This is what's caught our eye over the past 24 hours.

• China looks likely to loosen cap on foreign coal as their imports race ahead.
• The Islamic State names a new caliph. 
• A crypto exchange plans a Singapore reboot after bank accounts opened for the firm.
• Asahi's CEO defends spending $22 billion building a beer empire. 
• Indonesia's national dish is getting cheaper thanks to a battle between startups.
• Pound traders have bigger things to worry about than Jeremy Corbyn.
• The new Apple Watch is surprisingly revolutionary. 

To contact the editor responsible for this story: Alyssa McDonald at amcdonald61@bloomberg.net

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