· The Dow Jones Industrial Average fell 27.59 points to 25,338.84, snapping a three-day winning streak. The S&P 500 slipped 0.2percent to 2,737.83 and also closed lower for the first time in four days. The Nasdaq Composite dropped 0.25 percent to 7,273.08.
· The South China Morning Post reported White House advisor Peter Navarro would be attending the dinner between President Donald Trump and Chinese leader Xi Jinping in Buenos Aires at the G-20. CNBC later confirmed Navarro's attendance. Stocks fell to their lows of the day on the news, with the Dow briefly losing more than 160 points.
· News of his attendance dampened hopes that a trade deal could be hatched at the dinner given his longstanding hawkish tone on U.S.-China trade. Earlier this month, Navarro said any deal between the U.S. and China would be on Trump's terms, not Wall Street's. These comments were later disavowed by Larry Kudlow, director of the National Economic Council.
· "This is not good news. Remember Navarro's book 'Death by China'? You don't want him anywhere near the meeting," said Andrew Brenner of National Alliance.
· Asia Pacific markets were cautious Friday morning as investors waited for a highly-anticipated meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina, which many are hoping would help ease escalating trade tensions between the two countries.
Japan's Nikkei 225 was up 0.25 percent while the Topix index rose 0.23 percent. South Korea's Kospi traded fractionally higher at2,116.04.
Reference: CNBC
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