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 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
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!
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...
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.
Copyright © 2014 Microsoft. All rights reserved.
[BRIEFING.COM] And just like that, the Russell 2000 coughed up just about everything it gained earlier. To that end, the small-cap average had been up as much as 0.6% and now it is up just 0.1%.
There wasn't a specific catalyst for the retreat, yet there may have been a sense that the Russell 200 was getting a little overheated with a 6.0% gain over the last month alone.
Strikingly, oil prices (-1.95 at $94.01/bbl) continue to slide as the dollar remains strong. ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'