On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…
American futures go down on recession worries
On Friday, American futures headed south due to the fact that profit forecast cuts from a number of businesses as well as poor retail sales over the holidays threatened to reverse Wall Street's five-day leap as traders fear a probable recession.
As a matter of fact, the S&P 500 futures went down by 0.11%. Meanwhile, Dow futures tumbled by 0.04%. As for Nasdaq 100 futures, they slipped by 0.20%.
The equities had soared earlier this week on signs that the major US bank could suspend its stance on policy tightening as well as optimistic trade talks from China and America.
However, dismal holiday sales from Macy’s along with cuts in profit forecasts from American Airlines and Apple, among others, could erase earlier profits.
Besides this, the US government shutdown has managed to become the longest in history. As a result, up to 800,000 federal staff members will miss their first paycheck of 2019. American leader is currently at a standstill with Democrats over the government shutdown because Trump insists that the budget should include funding to erect a wall on the U.S.-Mexico border.
Anheuser Busch Inbev turned out to be among the top performers in premarket trading, soaring by 5.4%. As for Netflix, it tacked on by 2.4%. Besides this, Procter & Gamble Company headed north by 0.4%. Moreover, Apple Inc rallied by 0.4% after it told that it came up with up to three new iPhone models in 2019.
Pacific Gas & Electric went down by 6.9%, Frontline dived by 4.6%, while Facebook headed south by 0.5%. Activision Blizzard Inc tumbled by 7.3% after it uncovered it chose Bungie to transfer its publishing rights for its Destiny.
Meanwhile, gold futures went up by 0.4% being worth $1,292.35 a troy ounce. Crude futures surged by 0.5% trading at $52.89 a barrel.
On Wednesday, Italian stocks led losses in the European Union right after the country's deputy prime minister told that Rome considers breaking EU fiscal rules, thus masking early revenue powered by optimism around the US-China trade conflict…
On Tuesday, another US-China tariff conflict escalation put pressure on Asian stocks, although remarks from American leader that he expects trade talks to be successful backed market sentiment…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.