TRUMP COMMENT HIT MARKET

• On Wednesday , Asian Indices extended their losses after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing market hopes for a quick preliminary agreement. Investors turned to safe-haven assets, boosting bond prices and sending gold to a one-month high, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%.

• Trump had told reporters in London that there is "no deadline" for an agreement with China to end the tit-for-tat tariff war that has hurt global growth."In some ways, I like the idea of waiting until after the election for the China deal," Trump told reporters in London.

• U.S. Commerce Secretary Wilbur Ross on Tuesday said no high-level meetings are scheduled and the parties still needed to sort out details about Chinese purchases of U.S. farm products and an enforcement mechanism. If there is no deal or substantial progress before Dec. 15, tariffs on remaining Chinese imports, including cell phones, laptop computers and toys, will take effect, Ross said.

• The yield on benchmark U.S. 10-year treasuries fell as low as 1.6930% overnight, the sharpest fall since May. It stood at 1.7242% on Wednesday.

• In Forex markets China's yuan took a beating and there was a flight to the safe-haven Japanese yen and to the Swiss franc, which held just under a one-month high on Wednesday.

• However the trade-exposed Australian and New Zealand dollars mostly held on to gains won against the greenback after disappointing manufacturing data weakened the U.S. currency on Monday.

• Gold was steady at $1,477.20 per ounce.

• U.S. West Texas Intermediate crude steadied to gain 0.61% to $56.44 per barrel, after sliding following Trump's comments.