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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a lower opening on Wednesday, with stocks likely to add to the modest losses posted in the previous session.
Ongoing trade tensions between the U.S. and its key partners are likely to contribute to continued weakness on Wall Street.
A report from Reuters said Canadian Prime Minister Justin Trudeau has indicated Canada will not bend on key demands regarding NAFTA in talks with the U.S. this week.
?There are a number of things we absolutely must see in a renegotiated NAFTA,? Trudeau told reporters on Tuesday.
U.S. and Canadian officials are scheduled to hold trade talks in Washington today after failing to reach an agreement last week.
Reports President Donald Trump intends to impose tariffs on another $200 billion worth of Chinese imports as soon as a public comment period ends on Thursday may also generate selling pressure.
Stocks saw modest weakness during trading on Tuesday as traders returned to their desks following the long, holiday weekend.
The major averages ended the day in negative territory but well off their lows of the session. The Dow edged down 12.34 points or 0.1 percent to 25,952.48, the Nasdaq dipped 18.29 points or 0.2 percent to 8,091.25 and the S&P 500 slipped 4.80 points or 0.2 percent to 2,896.72.
The weakness on Wall Street came amid lingering concerns about global trade after U.S. and Canadian officials failed to reach an agreement to reform NAFTA.
President Donald Trump said in a post on Twitter on Saturday that there is "no political necessity to keep Canada in the new NAFTA deal."
"If we don't make a fair deal for the U.S. after decades of abuse, Canada will be out," Trump tweeted. "Congress should not interfere w/ these negotiations or I will simply terminate NAFTA entirely & we will be far better off."
Recent reports have suggested Trump also plans to move ahead with tariffs on $200 billion worth of Chinese imports as early as this week.
Stocks regained ground following the release of a report from the Institute for Supply Management showing activity in the U.S. manufacturing sector unexpectedly grew at a faster rate in the month of August.
The ISM said its purchasing managers index climbed to 61.3 in August from 58.1 in July, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to dip to 57.7.
Meanwhile, a separate report released by the Commerce Department showed a modest uptick in construction spending in the U.S. in the month of July.
The Commerce Department said construction spending inched up by 0.1 percent to an annual rate of $1.315 trillion in July after falling by 0.8 percent to a revised rate of $1.314 trillion in June.
Economists had expected construction to rise by 0.5 percent compared to the 1.1 percent slump originally reported for the previous month.
Gold stocks showed a substantial move to the downside on the day, dragging the NYSE Arca Gold Bugs Index down by 4.1 percent. The weakness among gold stocks came amid a decrease by the price of the precious metal.
Steel, energy, and computer hardware stocks also saw considerable weakness, while strength was visible among retail and telecom stocks.
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With the value of exports falling and the value of imports rising, the Commerce Department released a report ] showing the U.S. trade deficit widened in the month of July.
The Commerce Department said the trade deficit widened to $50.1 billion in July from a revised $45.7 billion in June.
Economists had expected the deficit to widen to $50.1 billion from the $46.3 billion originally reported for the previous month.
At 9:20 am ET, St. Louis Federal Reserve President James Bullard is scheduled to discuss the economy and monetary policy at the ?Real Return XII -- Euromoney Conferences? in New York City
New York Fed President John Williams is due to speak at the City of Buffalo Tour event of the Buffalo and Niagara Falls Roadshow in Buffalo, New York, at 12:30 pm ET.
At 3 pm ET, Williams is scheduled to discuss the local economy with officials from Niagara Falls and the leadership of the Seneca Nation in Niagara Falls, New York.
Minneapolis Fed President Neel Kashkari is due to participate in a town hall forum in Bozeman, Montana, at 4 pm ET.
At 6:30 pm ET, Atlanta Fed President Raphael Bostic is scheduled to participate in a fireside chat at the Chicago Council on Global Affairs. |
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| | Europe |
European stocks have fallen on Wednesday as increased trade tensions between the U.S. and its key partners as well as the spreading sell-off in emerging market currencies dented investors' appetite for risk.
Markets are also bracing for a potential major escalation in the U.S.-China tariff war as U.S. President Donald Trump readies tariffs on $200 billion more of Chinese imports.
The U.S. and Canada will resume trade talks today after four days of negotiations failed to produce a deal last week.
While the French CAC 40 Index has slumped by 1 percent, the German DAX Index is down by 0.7 percent and the U.K.?s FTSE 100 Index is down by 0.4 percent.
Bayer has dropped in Frankfurt after its second quarter profit missed estimates and the company gave more details of the acquisition of U.S. firm Monsanto.
Sanofi has also moved lower in Paris, a day after it agreed to pay more than $25 million to resolve corruption charges.
BHP Billiton has also moved to the downside after the global miner picked up a 6.1 percent stake in SolGold PLC for $35.2 million.
On the other hand, advertising company JCDecaux has soared after a rating upgrade by Bank of America Merrill Lynch.
William Hill shares have also jumped after the bookmaker announced a partnership with U.S. casino group Eldorado Resorts.
In economic news, the euro area private sector expanded slightly more than initially estimated in August, final data from IHS Markit showed. The composite output index rose to 54.5 in August from July?s 54.3. The score was marginally above the flash estimate of 54.4.
Separately, Eurozone retail sales fell 0.2 percent month-on-month in July, in contrast to a 0.3 percent rise in June, Eurostat reported. This was the first fall since April, when sales were down 0.2 percent.
The U.K. service sector expanded at a faster pace in August on stronger new orders, survey data from IHS Markit showed.
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Asian stocks fell on Wednesday to extend recent losses as investors continued to fret about trade tensions and the turbulence in emerging markets, with South Africa slipping into a recession for the first time since 2009.
A cautious undertone prevailed after a threat by the United States to impose tariffs on another $200 billion worth of Chinese imports as soon as a public-comment period ends on Thursday.
China?s Shanghai Composite Index tumbled 46.24 points or 1.7 percent to 2,704.34, while Hong Kong's Hang Seng Index plunged 729.49 points or 2.6 percent to 27,243.85.
Activity in China?s service sector continued to expand in August, albeit at a slower rate, the latest survey from Caixin revealed with a 10-month low PMI score of 51.5.That missed expectations for 52.6 and was down sharply from 52.8 in July.
The business sector in Hong Kong continued to contract in August, the latest survey from Nikkei revealed with a PMI score of 48.5. That?s up from 48.2 in July.
Japanese shares fell as trade worries persisted and tourism-linked shares succumbed to selling pressure after a powerful typhoon slammed into western Japan, cutting power, overturning cars and killing at least eight people.
The Nikkei 225 Index dropped 116.07 points or 0.5 percent to 22,580.83, extending losses for a fourth straight session. The broader Topix Index closed 0.8 percent lower at 1,704.96.
Airline ANA Holdings dropped 1.8 percent, cosmetic maker Shiseido lost 4.2 percent and Fancl Corp plunged 9.7 percent. Line Corp, a subsidiary of the South Korean internet search giant Naver Corporation, plummeted 5 percent on fund raising reports.
Meanwhile, market heavyweight Fast Retailing climbed 3.2 percent after unveiling strong monthly sales figures.
On the economic front, the service sector in Japan expanded at a faster in August, the latest survey from Nikkei revealed with a PMI score of 51.5, up from 51.3 in July.
Australian stocks tumbled despite second quarter GDP data coming in above expectations. The benchmark S&P/ASX 200 Index slumped 62.70 points or 1 percent to 6,230.40, while the broader All Ordinaries Index ended down 59.70 points or 0.9 percent at 6,339.20.
Australia's GDP grew a seasonally adjusted 0.9 percent in the second quarter, the Australian Bureau of Statistics said. That beat forecasts for a gain of 0.7 percent following the 1.0 percent increase in the three months prior. On a yearly basis, GDP was up 3.4 percent, the fastest pace in six years.
Separately, another survey showed that the service sector in Australia continued to expand in August, albeit at a slower pace. The corresponding index stood at 52.2 in the month, down from 53.6 in July.
Miners BHP Billiton, Fortescue Metals Group, Rio Tinto and South32 slumped 2-3 percent after commodity prices fell sharply overnight on concerns that renewed trade tensions between the U.S. and its partners may hamper global economic growth.
Lender Westpac Banking Corp dropped 1.3 percent after settling a record A$35 million ($25 million) fine for wrongly approving thousands of mortgages. The other three banks ended down between 0.7 percent and 0.9 percent.
Energy stocks also closed broadly lower, with Origin Energy and Oil Search losing 1.2 percent and 1.7 percent, respectively.
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| | Commodities |
Crude oil futures are tumbling $0.95 to $68.92 a barrel after inching up $0.07 to $69.87 a barrel on Tuesday. Meanwhile, after falling $7.60 to $1,199.10 an ounce in the previous session, gold futures are edging up $0.90 to $1,200 an ounce.
On the currency front, the U.S. dollar is trading at 111.51 yen compared to the 111.41 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1587 compared to yesterday?s $1.1582.
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