Contracts on the S&P 500, Dow and Nasdaq swung between gains and losses, while the Stoxx Europe 600 edged lower as drops in carmakers offset gains in construction companies. The bright spot was Asia, where a regional equities gauge headed for its biggest one-day increase in six weeks. Mainland China led gains as speculation increased that Beijing will boost stimulus after data showed the economy lost steam.

Treasury yields sank to the lowest level since March, with investors still reeling from the breakdown in trade negotiations in the past week. Yields on 10-year German bunds slipped to the lowest since 2016, but they jumped for Italy’s debt, as the nation’s deputy premier Matteo Salvini racheted up tensions over the country’s deficit.

Sustained appetite for risky assets is missing as investors remain on edge following a trade-induced roller coaster for markets. The White House is preparing duties on the remaining $300 billion of Chinese imports, and economists warn the new penalties will eventually weigh heavily on the American economy. President Donald Trump is preparing to meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit, an encounter that could prove pivotal in the deepening clash over trade.

‘It’s just too early to tell if this is a buy, on slightly oversold conditions, or if it’s the start of stabilization,’ Gina Martin Adams, chief equity strategist at Bloomberg Intelligence, told Bloomberg TV in Hong Kong. ‘Our working thesis is that we’re going to be in for a period of volatility for most of the next month as we await the G-20 meeting.’

Elsewhere, oil fell as an industry report signaling a jump in US stockpiles eased concerns over a supply crunch, after a drone attack in Saudi Arabia had highlighted the vulnerability of the country’s energy infrastructure.