US index futures are eyeing some notable losses ahead of Wednesday’s open with trade fears looming large. There’s concern that the US and Canada won’t reach an agreement in the renegotiation of NAFTA when talks resume in Washington today and this has the potential to weigh both on the greenback and equities.
Most major European markets are all underwater in early trade, although Italy’s FTSE MIB is the exception here after the government offered assurances that budget plans wouldn’t rile the EU.
In terms of data out of Europe, we’ve seen something of a mixed bag this morning - UK services PMI shook off the recent trend of negative numbers by coming in comfortably above expectations but eurozone retail sales for July slowed more than forecast. The general negative sentiment for European equities is however very much setting the pace across the Atlantic this morning.
Ahead of the open we’re calling the Dow down 102 at 25850 and the S&P down 10 at 2887.
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