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Wall Street Poised To Open Moderately Lower


On a day of subdued trading, the trend from the U.S. Futures suggest that Wall Street might open moderately lower.

The tariff war between U.S. and China seems to be aggregating, while the IMF lowered its forecast for Chinese growth next year due to negative effect of recent tariff actions.

Ahead of the November 4 ban on Iran, the oil prices were moving slightly up, in anticipation of a decline in OPEC production.

Asian shares finished mostly lower, while European shares are trading down.

As of 7.40 am ET, the Dow futures were losing 144.00 points, the S&P 500 futures were sliding 16.75 points and the Nasdaq 100 futures were down 44.50 points.

U.S. stocks ended mixed on Monday. The Dow rose 39.73 points or 0.2 percent to 26,486.78, the Nasdaq slid 52.50 points or 0.7 percent to 7,735.95 and the S&P 500 edged down 1.14 points or less than a tenth of a percent to 2,884.43.

On the economic front, the Redbook data for the week will be published at 8.55 am ET. The prior week's Store Sales was 5.7 percent.

Chicago Federal Reserve Bank President Charles Evans will give opening remarks at the 2018 Opportunity Finance Network Conference in Chicago at 10.00 am ET.

New York Federal Reserve Bank President John Williams to give speech on recent developments in U.S. monetary policy at the New York Fed-Bank Indonesia Central Banking Forum in Bali, Indonesia, with audience Q&A at 9.15 pm ET. He will later speak at a press conference at 10.35 pm ET.

The 52-week Treasury bill auction will be held at 1.00 pm ET.

In the corporate segment, United Airlines reported that the company's September 2018 consolidated revenue passenger miles or traffic increased 6.7 percent and consolidated capacity increased 6.1 percent versus September 2017. Consolidated load factor increased 0.5 points to 81 percent compared to September 2017.

Asian stocks ended mostly lower on Tuesday. Chinese markets finished modestly higher. The benchmark Shanghai Composite index rose 4.50 points or 0.17 percent to 2,721.01 after tumbling 3.7 percent on Monday. Hong Kong's Hang Seng index ended marginally lower by 29.66 points or 0.11 percent at 26,172.91.

Japanese shares fell notably to hit a three-week low. The Nikkei average fell 314.33 points or 1.32 percent to 23,469.39, the weakest closing level since Sept. 18, as trading resumed after a holiday on Monday for the Health-Sports Day. The broader Topix index closed 1.76 percent lower at 1,761.12.

Australian markets tumbled. The benchmark S&P/ASX200 index lost 59.20 points or 0.97 percent to finish at 6,041.10 while the broader All Ordinaries index ended down 63.10 points or 1.01 percent at 6,155.50.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is falling 17.68 points or 0.33 percent. The German DAX is losing 56.66 points or 0.46 percent, the U.K. FTSE 100 Index is declining 18.11 points or 0.25 percent. The Swiss Market Index is down 44.37 points or 0.49 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.45 percent.

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