U.S. futures point to opening losses in early premarket trading
Wall Street stocks dipped overnight, ending September with solid losses as investors expressed concerns over the economic outlook amid the ongoing pandemic and expectations that the Federal Reserve may start to unwind its supportive measures. As such, the S&P 500 shed 1.2%, the Dow Jones lost 1.59% and the Nasdaq Composite fell 0.44%. The S&P 500 index ended the month nearly 5% lower, the biggest monthly drop since the beginning of the pandemic.
Following suit, Asian equities declined on Friday in relatively thin trading, with markets in Shanghai and Hong Kong closed for holidays. Tokyo’s Nikkei 225 plunged 2.31% despite the quarterly Tankan survey showed that sentiment among large manufacturers rose to 18 from 14, to see the highest level in nearly three years. Australia’s ASX/S&P 200 sank 2% and South Korea’s Kospi slid 1.2%.
In Europe, stocks opened lower as well, with the pan-European Stoxx 600 falling 0.9% in early trade. On the data front, German retail sales rose 1.1% month-on-month in August versus 1.5% expected. In the UK, September final manufacturing PMI arrived at 57.1 versus the 56.3 preliminary estimate. U.S. futures pointed to opening losses on Wall Street in early premarket trading.
In currencies, the USD index has settled around 94.30, struggling for direction as US 10-year yields slipped back below the 1.50% level. Also, traders are cautious ahead of the key economic data. Inflation measured by the PCE, the ISM manufacturing, and consumer sentiment index will come into the market focus later in the day. Upbeat figures could push the greenback to fresh highs across the market ahead of the weekend.
Leave Your Opinion