Market focus is largely attuned to global trade developments after President Donald Trump threatened to raise tariffs on Chinese imports if no deal is reached with Beijing.
The U.S. Senate also unanimously passed a bill supporting Hong Kong protestors on Tuesday. In response, China’s foreign ministry accused the U.S. of interfering in Beijing’s domestic affairs.
The bill will now proceed to the House, which already approved its own version of the bill in October. The two chambers of Congress will need to work out the differences between their bills before it can be sent to Trump.
Elsewhere, investors are awaiting minutes from the Federal Reserve’s October policy meeting. The U.S. central bank decided to lower the federal funds rate by 25 basis points to a range of 1.5% to 1.75% late last month.
Meanwhile, the U.S. Treasury is set to auction $15 billion in 16-day bills on Wednesday.
— CNBC’s Huileng Tan contributed to this report.