By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 8, 2010 9:18 AM EDT
Futures on major U.S. stock indices point to a lower opening on Wednesday as renewed worries about the health of European banks weighed on sentiment.
Futures on the S&P 500 are down 0.13 percent, futures on the Dow Jones Industrial Average are down 0.13 percent and Nasdaq100 futures are down 0.01 percent.
On Tuesday, US stock markets snapped a 4-day winning streak after the long weekend on renewed worries about Europe's banking system. A Wall Street Journal analysis released Tuesday also showed the EU bank stress tests' criteria was even less stringent than previously thought.
Investors are likely to focus on Fed’s Beige Book, a report on current economic conditions in each of the 12 Federal Reserve districts covering the entire US, which is due to release at 14:00 EDT. Beige Book is expected to signal the recent weakness in economic activities and probably confirm the Fed’s recent projections for economic growth.
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The consumer credit index will be released after market closes and is expected to show a widening deficit to $5.5 billion in July compared to previous months deficit of $1.3 billion.
European stocks declined on Wednesday as banks continue to slide for the second day. Markets are currently lower with FTSE 100 down by 32.36 points, DAX30 down by 39.60 points and CAC 40 down by 20.67 points.
The euro declined 0.05 percent to 1.2676 against the dollar and the yen rose 0.04 percent against the greenback.
Crude oil futures declined 0.76 percent and copper futures fell 0.53 percent. In precious metal sector, gold futures rose 0.04 percent and silver futures advanced 0.06 percent.
Asian stocks ended lower as new concerns about European banks dampened sentiment. Japanese shares plunged 2.18 percent, Hong Kong’s Hang Seng fell 1.46 percent and Chinese Shanghai declined 0.11 percent.
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