Plus   Neg

Wall Street Might Start Lower

wallstreet aug13 lt

Initial trends from the U.S. Futures index suggest that Wall Street might might open significantly lower. Asian shares finished in the red, while European shares are trading in the negative zone.

Consumer Price Index is the major focus on Tuesday. Investors are monitoring the tensions in Hong Kong other geopolitical developments across the globe.

As of 7.15 am ET, the Dow futures were losing 60.00 points, the S&P 500 futures were down 6.50 points and the Nasdaq 100 futures were declining 22.75 points.

U.S. major averages posted steep losses on Monday. The Dow plunged 391.00 points or 1.5 percent to 25,896.44, the Nasdaq tumbled 95.73 points or 1.2 percent to 7,863.41 and the S&P 500 slumped 35.96 points or 1.2 percent to 2,882.69.

On the economic front, the Labor Departments Consumer Price Index for July will be announced at 8.30 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.1 percent in the prior month.

Redbook Data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. In the prior month the Store Sales were up 5.1 percent.

52-week Treasury Bill Auction will be held at 11.30 am ET.

Asian stocks fell on Tuesday. China's Shanghai Composite index gave up 17.73 points or 0.63 percent to finish at 2,797.26. Hong Kong's Hang Seng index fell more than 2 percent to 25,281.30.

Japanese shares hit a one-week low. The Nikkei average fell 229.38 points or 1.11 percent to
20,455.44, its lowest level in a week. The broader Topix index dropped 1.15 percent to 1,486.57.

Australian markets drifted lower. The benchmark S&P/ASX 200 index dropped 21.80 points or 0.33 percent to 6,568.50 while the broader All Ordinaries index ended down 22 points or 0.33 percent at 6,648.10.

European shares are trading lower. Among the major indexes in the region, the CAC 40 Index of France is giving up 29.40 or 0.55 percent. The German DAX is falling 106.57 points or 0.91 percent, the U.K. FTSE 100 Index is losing 44.55 points or 0.62 percent. The Swiss Market Index is declining 98.15 points or 1.00 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.61 percent.

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