Wall Street sell off shows no sign of abating
|Further losses were accrued on US equity indices during Wednesday's session, with the S&P 500 notably recording its fifth consecutive down day. Index futures are suggesting the sell-off will continue at the open, leaving the overall over all trajectory as very much negative and even though yesterday's core US CPI print came in slightly lower than had been expected, it's not sufficient to shift opinions when it comes to the Federal Reserve's approach to policy tightening. Advance retail sales figures due for release ahead of the opening bell will likely reinforce this sentiment, with a meaningful uptick from the September figure also anticipated.
Trade talk has gone rather quiet of late, although with the G20 summit just over two weeks away, there's plenty of anticipation that a deal will be tabled around the same time. Whether this is sufficient to rescue stocks from their current malaise however remains to be seen. With worsening economic and political backdrops in Europe, plus the risk of a strong dollar hampering emerging market growth, there's plenty to be fearful of right now. That said, even after recent declines, major US indices remain well outside of bear market territory.
Ahead of the open we're calling the DOW down 45 at 25035 and the S&P down 6 at 2696.
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