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Equities down amid Trump trade talk; Apple down 2%; sterling off against dollar

➤ U.S. threatens more tariffs on China if bilateral meeting falls through this week

➤ Sterling declines amid Brexit politics

➤ Apple shares slip amid tariff threat

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Wall Street looks set to open lower Nov. 27 as European equities were largely in the red, after a mixed Asian session, amid the latest threats by U.S. President Donald Trump to impose further tariffs on China.

Futures for the S&P 500 and Nasdaq were down 0.25% and 0.45%, respectively, with General Motors Co. down 1.41% in pre-market trading amid backlash from lawmakers over its plans to slash production and jobs.

The FTSE 100 was nearly flat, while Germany's DAX index dipped 0.20% and France's CAC 40 slipped 0.21% around 7 a.m. ET. London-based travel company Thomas Cook Group plc's shares plummeted 23.77% after the company lowered its EBIT forecast for the full year ended Sept. 30.

In Asia, Japan's Nikkei 225 index was up 0.64%. Hong Kong's Hang Seng Index retreated 0.17% and the Shanghai SE Composite remained virtually flat after Trump threatened further tariffs should his meeting with Chinese President Xi Jinping at the G-20 summit this week fail to ease trade tensions between the two countries.

The U.S. imposed a 10% tariff on $200 billion of Chinese goods, with the rate scheduled to rise to 25% on Jan. 1, 2019. Trump said he was ready to move forward with the planned raise and impose new ones on the remaining $267 billion of Chinese products. The comments run counter to Trump's dovish tone on China earlier in November.

"Having come off the back of a bit of a setback in the U.S. midterms, President Trump is likely to want to be able to take away something positive from this week's meeting, which suggests that some form of uneasy truce is likely to be the most probable outcome," Michael Hewson of CMC Markets UK said.

"The trade conflict between the U.S. and China is unlikely to be resolved at this weekend's G-20 summit," according to an ING note. "That's not just bad news for world trade and the global economy, it's bad for the World Trade Organization."

"The more trade-restrictive measures taken by the U.S., the more other WTO members are likely to complain."

Trump said he will also consider a 10% tariff on Apple Inc.'s iPhones and MacBooks imported from China. The company's shares were down 2.14% in pre-market trading.

The Chinese yuan dipped 0.11% versus the dollar around 7:15 a.m. ET.

Meanwhile, sterling shed 0.70%, as Trump said that British Prime Minister Theresa May's proposed Brexit deal is likely to put a strain on U.K.-U.S. trade relations, the Financial Times reported. The draft treaty was approved by the European Union over the weekend and will be voted on by the British Parliament in December.

"We continue to believe that there is a 75% chance of a deal being agreed by end-March," said James Rossiter, senior global strategist at TD Securities. "However, in getting there, confidence votes, PM resignations, elections and announcement of a new referendum are all possible."

The euro and the Japanese yen were little changed against the dollar.

Ten-year U.S. Treasury yields were broadly stable at 3.057% as of 7:13 a.m. ET.

Brent crude oil added 0.17% to $60.58 per barrel on the ICE Futures Exchange as of 7:07 a.m. ET, amid reports that Saudi Arabia's oil production hit a record high in November. Trump is against oil production cuts from OPEC members, which will consider next week how to arrest a decline in oil prices that went as high as $85 per barrel in October.

Gold was up 0.07% to $1,229.60 per ounce.

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The day ahead:

8:55 a.m. ET — U.S. redbook

9 a.m. ET — U.S. S&P Corelogic Case-Shiller HPI (Econoday consensus: 0.3% monthly, 5.3% yearly)

9 a.m. ET — U.S. FHFA house price index (Econoday consensus: 0.3% monthly)

10 a.m. ET — U.S. consumer confidence (Econoday consensus: 136.5)

2:30 p.m. ET — U.S. Fed's Charles Evans speaks

2:30 p.m. ET — U.S. Fed's Raphael Bostic speaks

2:30 p.m. ET — U.S. Fed's Esther George speaks