Futures slip on Asia growth worries

The World Bank cuts its outlook for China and East Asia. Spain is in focus at a European finance ministers meeting. Wal-Mart and American Express launch a prepaid card.

By TheStreet Staff Oct 8, 2012 9:09AM
Updated at 9:09 a.m. ET

By Andrea Tse 

Stock futures pointed to a lower open Monday, with investors wary about Asia's growth prospects and uncertain about Spain.

Traders were also uneasy as they kept an eye on a European finance ministers meeting in Luxembourg, where a potential financial aid request from Spain and the country's harsh 2013 budget plans were expected to be in focus Monday and Tuesday.

Futures for the Dow Jones Industrial Average ($INDU) were down by 34 points at 13,488. S&P 500 ($INX) futures were down by 5.40 points at 1,450. Futures for the Nasdaq ($COMPX) were falling by 13 points to 2,791.

The World Bank reduced China's growth outlook to 7.7% this year and 8.1% next year, down from the prior estimate of 8.2% in 2012 and 8.6% in 2013 -- though the bank noted that it still expects a soft landing for the country -- and that the outlook for East Asia was reduced to 7.2% this year and 7.6% next year, below the prior forecast of 7.6% in 2012 and 8% in 2013, as the regional and global economy continue to be at risk of a number of headwinds relating the eurozone and U.S. fiscal cliff.

The U.S. economic calendar is empty Monday, with state and federal offices closed for the Columbus Day holiday.

In corporate news, Wal-Mart Stores (WMT), the world's biggest retailer, and American Express (AXP) announced their launch of Bluebird, an alternative to debit and checking accounts.

UnitedHealth (UNH) has agreed to purchase 90% of Brazilian health care provider Amil Participacoes for roughly $4.3 billion.

Zynga (ZNGA) saw its shares fall 12% to $2.48 Friday after it forecast a loss for the third quarter and  lowered its full-year outlook.

Apple's (AAPL) iPhone manufacturer in China, Foxconn, suffered a production interruption after thousands of its workers went on strike over labor conditions.

General Motors (GM) said it and its joint ventures in China sold 244,266 vehicles in the country in September, an increase of 1.7% from last year.

AngioDynamics (ANGO), the medical instruments maker, is expected by analysts Monday to post fiscal first-quarter earnings of 9 cents a share on revenue of $84.4 million.


More from TheStreet.com

Oct 8, 2012 4:30PM

Thank you Mr. President and fellow Democrats for pulling us out of the "Great Depression 2" that was created by that brain dead George W. Bush, his fellow Repukelicans and their failed policies.


"Forward for 4 more years and forever"!


Barack Obama in 2012!


Chris Van Hollen in 2016 & 2020!


Long live Christian Socialism!


God bless America!

Oct 8, 2012 10:13AM
"You can never go home again."

Never been a truer statement.

Oct 8, 2012 11:26AM

And Andrea is back in the saddle again...Good job, Andrea.

But might hazard a guess, it's her turn in the barrell, being Columbus Day and all.


What a beautiful day... 

Oct 8, 2012 11:40AM

Just about all the articles on MSN, give insight or what would be called thinly veiled advice;

What a reader does with it, becomes their peril...Says so right in the fine print and disclosures. 


Stock Scouter ratings and analyst's projections of buy/hold/sell...Are there for a reason...

To EDUCATE the buying public and the readers...


"I wouldn't come to this site otherwise"; And would go to a recipe site or politico dot com..

Trump is or was on the Veiw, with my chicks...Glad I wasn't eating my breakfast.

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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).

Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More


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