LONDON (AP) — Global stock markets fell Wednesday as trade tensions resurfaced ahead of more talks between the United States and Canada on revamping the North American Free Trade Agreement.

KEEPING SCORE: In Europe, France’s CAC 40 fell 0.9 percent to 5,294 while Germany’s DAX lost 0.6 percent to 12,110. London’s FTSE 100 shed 0.5 percent to 7,420. U.S. stocks were poised for modest losses at the open with Dow futures and the broader S&P 500 futures 0.3 percent lower.

TRADE TENSIONS: The United States is due to resume talks with Canada on changing the North American Free Trade Agreement. There is also speculation that President Donald Trump may also announce new tariffs on $200 billion of Chinese goods as early as this week.

ANALYST TAKE: “As we head into the business end of the week, markets are trading with a slightly negative tone as traders turn their attention back to NAFTA talks and a potential announcement on Chinese tariffs,” said Craig Erlam, senior market analyst at OANDA. “Trump may have been aiming to get NAFTA over the line ahead of the midterms but I think he’s in this one for the long-run and the Chinese don’t appear to be in any mood to back down, even if they aren’t able to respond with the same volume of tariffs.”

AMAZON: The online retailer will also be in focus, a day after it became the third publicly traded company and the second in the United States to reach $1 trillion in market value following Apple Inc. Amazon has risen from an online bookseller to a behemoth that sells toilet paper, TVs and a wide range of other goods. It is expanding into health care, advertising and cloud computing. The net worth of its founder, Jeff Bezos, has risen to $160 billion. The Chinese oil company PetroChina Ltd. temporarily had a stock market value of $1 trillion in 2007 but has fallen sharply since then.

ASIA’S DAY: The Shanghai Composite Index lost 1.7 percent to 2,704.34 and Tokyo’s Nikkei 225 retreated 0.5 percent to 22,580.83. Hong Kong’s Hang Seng dropped 2.6 percent to 27,243.85 and Seoul’s Kospi declined 1 percent to 2,291.77.

ENERGY: Benchmark U.S. crude declined 76 cents to $69.11 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price international oils, shed 64 cents to $77.51 per barrel in London. It gained 2 cents the previous session to $78.17.

CURRENCY: The euro was steady at $1.1583 while the dollar rose 0.1 percent to 111.57 yen.

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Investing.com – Here are the top five things you need to know in financial markets on Wednesday, September 5:

1. U.S.-Canada Trade Talks Resume

Trade talks between the United States and Canada aimed at revamping the North American Free Trade Agreement (NAFTA) will kick off again today after the two sides ended tense negotiations last week without a deal.

The Trump administration wants to scrap a dispute-resolution mechanism that Canadian Prime Minister Justin Trudeau says is crucial. The two sides are also arguing over U.S. demands for more access to Canada’s closed dairy market.

The neighbors emerged from talks last Friday, the White House’s deadline for Canada to join in on a deal the U.S. struck with Mexico late last month, without resolving sticking points.

Meanwhile, investors continued to monitor the threat of fresh U.S. tariffs on another $200 billion worth of Chinese goods, which could come as soon as a public comment period ends on Thursday.

2. U.S. Stocks Futures Point to Lower Open

U.S. stock index futures pointed to a lower open on Wall Street, as continuing trade tensions and spreading worries about emerging market currencies cut investor appetite for risky assets.

At 5:30AM ET, the blue-chip Dow futures were down 110 points, or 0.4%, the S&P 500 futures dropped 10 points, or 0.4%, while the tech-heavy Nasdaq 100 futures indicated a decline of 35 points, or roughly 0.5%.

Elsewhere, in Europe, nearly all of the region’s major bourses were lower in mid-morning hours, with most sectors in the red.

Among national indexes, Germany’s export-heavy DAX lost 0.9%, while France’s CAC 40 gave up 1.2%. The UK’s FTSE 100 shed 0.5%.

Earlier, in Asia, markets in the region ended broadly lower.

The Shanghai Composite slumped 1.7% to 2,704, edging back at the two-and-a-half-year low of 2,653 set last month.

3. Dollar Gains as Emerging Market FX Pain Continues

Away from equities, the dollar was trading near one-and-a-half week highs against a currency basket, as demand for the greenback continued to be underpinned by persistent concerns over emerging market stresses.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was a shade higher at 95.50, not far from Tuesday’s one-and-a-half week highs of 95.68.

In emerging markets, currencies such as the Turkish lira, Argentinean peso, South African rand, Brazilian real, Indonesian rupiah and Indian rupee were all lower.

Emerging market currencies have been hard hit by concerns that higher U.S. interest rates will pressure countries that have borrowed heavily in dollars in recent years.

4. Oil Prices Tumble as Storm Threat Eases

In commodities, oil prices fell as a tropical storm hitting the U.S. Gulf coast weakened and had a lower impact on production than initially expected.

U.S. West Texas Intermediate WTI crude futures were at $69.17 per barrel, down 70 cents, or 1%, from their last settlement.

International Brent crude futures fell 51 cents, or 0.7%, to $77.66 a barrel.

Prices had jumped the previous day as dozens of U.S. oil and gas platforms in the Gulf of Mexico were shut in anticipation of damage from tropical storm Gordon.

However, the storm had shifted eastward by Wednesday morning and was weakening, reducing its threat to producers on the western side of the Gulf.

5. Big Tech to Testify Before Senate

Top Twitter (NYSE:TWTR) and Facebook (NASDAQ:FB) executives will defend their companies before U.S. lawmakers this morning, with Facebook insisting it takes election interference seriously and Twitter denying its operations are influenced by politics.

Facebook Chief Operating Officer Sheryl Sandberg, appearing alongside Twitter Chief Executive Jack Dorsey, will say that her company’s efforts to combat foreign influence efforts have improved since the 2016 U.S. election, according to written testimony released on Tuesday.

But no executive from Alphabet (NASDAQ:GOOGL)’s Google is expected to testify, after the company declined the Senate Intelligence Committee’s request to send one of its most senior executives, frustrating lawmakers.

Google offered to send its chief legal officer, Kent Walker, to Wednesday’s hearing, but he was rejected by the committee, which said it wanted to hear from corporate decision-makers.

The hearing will begin at 9:30AM ET.

Technology executives have repeatedly testified in Congress over the past year, on the defensive over political influence activity on their sites as well as concerns over user privacy.