Futures edge down amid downbeat Chinese economic data
On Tuesday, US stock index futures traded lower when downbeat Chinese economic data raised worries regarding the global economy’s health.
In April, activity at Chinese factories dropped for the 14th month as demand stagnated, according to a private poll. That undoubtedly contributed to doubt whether China’s economy is recovering or not.
Australia’s major bank also shocked financial markets by decreasing its interest rates to a record minimum of 1.75%. The vast majority of financial analysts surveyed by Reuters hadn’t expected any changed.
The dollar index, traditionally gauging the greenback’s value against six key currencies, edged down to 91.91 – it traded this way in last year’s January.
On Monday, American stocks surged, thus rebounding from last week’s losses as financials derived revenues with Berkshire Hathaway, while the Nasdaq boasted a seven-day losing streak.
Recovering crude prices as well as an accommodative Federal Reserve have assisted the S&P 500 to surge approximately 14%.