Stock futures fall on trade war, global growth worries

Stock futures fall on trade war, global growth worries

Stock futures fall on trade war, global growth worries

"The ongoing trade dispute between the United States and China appears to have escalated into a full-blown economic conflict", David Kostin, chief U.S. equity strategist at Goldman Sachs, wrote in a note to clients.

Hong Kong's Hang Seng Index declined 1.1%.

All three major USA stock indexes closed sharply lower in light trading, with little to soothe market jitters over Hong Kong protests, Argentine President Mauricio Macri's primary election defeat, and the U.S.

Contracts for all three main US equity indexes retreated after Hong Kong airport authorities canceled remaining flights for the day, while a Chinese official said the city was at a "critical juncture" and that there were signs of "terrorism". The company's revenue edged higher on growth from its USA operations.

Bank of America Corp, Citigroup Inc, Goldman Sachs and Morgan Stanley fell almost 1.2% each in premarket trading, as lower bond yields hit shares of interest-rate sensitive lenders. Futures on the S&P 500 Index edged higher after US stocks lost ground on Friday. -China trade war leading to a recession were growing and that it no longer expected a trade deal before the 2020 USA presidential election.

Goldman Sachs Group Inc (GS.N) said on Sunday that its economists see recessionary risks increasing as the U.S.

Companies releasing results include China's Tencent, and Alibaba, Cisco, Brazilian utility Eletrobras, the UK's Prudential, Australia's Telstra, giant retailer Walmart, Nvidia, Swisscom and the Danish brewer Carlsberg.

Data on inflation, housing starts and retail sales are due later in the week, and will be scrutinized by market participants for signs of economic softening.

Wednesday brings data on China retail sales, industrial production and the jobless rate. US jobless claims, industrial production and retail sales data would be released on Thursday. The Nasdaq Composite was down 63.78 points, or 0.80%, at 7,895.36.

Passersby are reflected on an electronic board showing the exchange rates between the Japanese yen and the US dollar, the yen against the euro, the yen against the Australian dollar, Dow Jones Industrial Average and other market indices outside a brokerage in Tokyo, Japan, August 6, 2019.

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Korea's Kospi index fell 0.6%.

The Stoxx Europe 600 Index decreased 0.2%. China last Monday allowed its yuan currency to weaken, trading above 7 per dollar.

The Bloomberg Dollar Spot Index increased 0.2 per cent.

The yen was steady at 105.38 per dollar after rising for fourth day.

The euro was trading at $1.1205, down 0.1%.

The yield on 10-year Treasuries was steady at 1.65%.

The closely-watched yield spread between US 2-year and 10-year notes narrowed to its smallest difference since at least 2010, according to Refinitiv data.

The offshore yuan fell less than 0.05%.

China's 10-year yield fell 1 basis point to briefly touch 3%.

Sysco was up 3.2% after beating Wall Street expectations for quarterly revenues, while Barrick Gold was ahead 1.85% on the back of some upbeat guidance.

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