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US Stocks Seen Flat To Lower Amid Tax Uncertainty


U.S. stocks look set to open a tad lower on Tuesday as Chinese economic data disappointed and investors waited for any signs of compromise on U.S. tax policy.

With President Donald Trump's 12-day, five-nation tour of Asia coming to an end, the focus now turns to the House's upcoming vote on tax reform legislation. There is likely to be some progress on the legislation before the Thanksgiving recess begins.

The focus also remains on the European Central Bank's conference in Frankfurt, where the European Central Bank chief Mario Draghi, Federal Reserve Chair Janet Yellen, Bank of Japan Governor Haruhiko Kuroda and Bank of England Governor Mark Carney will participate in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication."

Globally, Asian stock markets gave up early gains to end mostly lower after a deluge of Chinese data showed growth in industrial output, retail sales and fixed asset investment slowed in October.

European stocks reversed early gains to slip into the red after Eurostat data showed Eurozone industrial production dropped for the first time in three months in September and the euro area economy expanded at a slightly slower pace in the third quarter.

UK consumer prices logged a steady growth in October, a gauge of German economic confidence rose to a 6-month high in November and German GDP data beat estimates, helping limit losses across the region.

The dollar rose against rivals while oil held steady despite concerns over rising U.S. output.

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