US stock futures are down slightly this morning as traders are taking a breather following yesterday’s surge in equity prices. European and Asian markets outside the UK, Switzerland, and Hong Kong are also weaker. Gold and crude oil prices are also slipping.
The markets are paying attention to economic reports out of China that indicate a more serious slowdown than had been expected. China’s November PMI fell below 50, indicating that the economy is contracting. New export orders have also fallen as have domestic orders, while inventory levels have risen. Europe is China’s biggest market, and the economic troubles there could continue to depress Chinese growth.
In the US, the new unemployment claims report and the ISM manufacturing index are due this morning, as are data on new car sales and retail same-store sales for the month of November.
The DJIA is down about -27 points at 12,007, the Nasdaq 100 is down -2 points at 2,293, and the S&P 500 is down -4.5 at 1,241.50.
In Europe, the FTSE 100 index is up 36 points at 5,529, while the DJ Euro Stoxx 50 is down -9 points at 2,317. Germany’s DAX is down -34 points at 6,048.50.
In Asia, the Nikkei 225 is down -10 at 8,590 and the SPI 200 is down -6 at 4,231. The Hang Seng index is up 841 points at 18,923.
Gold prices have slipped slightly, down -$1.10/ounce to $1,749.20/ounce.
Brent crude is down -$1.01 at $109.51/barrel, and WTI crude is down -$0.23/barrel at $101.13/barrel.
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