Asian stocks were mostly weaker on low volumes, rounding out a third week of losses. The pound kept its gains following a breakthrough over the Brexit deal between the U.K. and EU.

Stocks in Hong Kong, China and South Korea declined, with Australian shares outperforming. U.S. equity futures indicated declines when trading begins in New York following the Thanksgiving break. Volumes were lower than average in most markets as the week ends with Japan and India shut for holidays, and Treasuries won’t start trading until the London open.

The pound held on to gains as a draft Brexit deal for deep ties between the U.K. and European Union as well as a solution to the Irish border question was reached. Prime Minister Theresa May spent more than two hours in Parliament Thursday responding to lawmakers’ largely skeptical questions about the deal.

Equities came under pressure again this week as headwinds built. Investors are questioning the growth outlook ahead of a meeting between the Chinese and U.S. presidents next week, with hope for progress in trade talks dimming a little. There’s also a murky picture for earnings growth next year as financial conditions tighten with the Federal Reserve poised to keep raising rates.
“Shares remain at risk of further short-term weakness, but we continue to see the trend in shares remaining up as global growth remains solid,” Shane Oliver, head of investment strategy at AMP Capital Investors Ltd., wrote in a note. “Potential triggers to watch for a rebound include a meeting at the G-20 meeting between President Xi and Trump in the week ahead, more signs of a possible Fed pause on interest rates and a stabilization/improvement in growth indicators outside the U.S.”

Elsewhere, West Texas oil traded around $54 a barrel as an increase in U.S. crude inventories added to the recent bearish mood. Bitcoin declined and is on course to lose about 20 percent this week. Treasuries didn’t trade because of the U.S. holiday.

Coming Up

Presidents Donald Trump and Xi Jinping plan to meet at the G-20 leaders’ meeting in Argentina next week. Federal Reserve Vice Chairman Rich Clarida speaks in New York on Tuesday and Chairman Jerome Powell addresses the New York Economic Club on Wednesday. Next Thursday sees the release of the minutes from the Federal Open Market Committee’s November meeting, while New York Fed President John Williams speaks on Friday. Powell will testify before Congressional lawmakers on Dec. 5.These are the main moves in markets:

Stocks

Hong Kong’s Hang Seng index slipped 0.4 percent as of 9:57 a.m. The Shanghai Composite lost 0.6 percent. Australia’s S&P/ASX 200 Index added 0.3 percent. South Korea’s Kospi index fell 0.6 percent. Futures on the S&P 500 Index decreased 0.2 percent. The Stoxx Europe 600 Index dipped 0.7 percent on Thursday.

Currencies

The yen held at 112.98 per dollar. The offshore yuan was steady at 6.9289 per dollar. The Bloomberg Dollar Spot Index is little changed. The euro was flat at $1.1407. The British pound bought $1.2876 after gaining 0.8 percent Thursday.

Bonds

Australia’s 10-year bond yield held at 2.66 percent. Germany’s 10-year yield declined one basis point to 0.37 percent. Britain’s 10-year yield climbed three basis points to 1.428 percent, the highest in more than a week.

Commodities

West Texas Intermediate crude decreased to $53.96 a barrel. Gold slipped 0.1 percent to $1,228.07 an ounce.