Wall Street may have managed to wrestle back some modest gains during yesterday’s session, but with the global trade outlook darkening once again, questions continue to linger over just how sustainable any rebound should expect to be. Although a deal seems to be close in terms of US trade with Canada and Mexico, and there’s also word that import tariffs on cars from Europe and Japan will be delayed, there has been a fresh development with China. Critically, US companies exporting goods to the Chinese telecoms manufacturer Huawei will now need a license to do so, something that is expected to have a ripple effect on technology roll outs across the globe.

Salvation for US equities could however still be seen in the guise of a shift in monetary policy from the Federal Reserve. Yesterday’s retail sales figures gave little worth cheering and as a result there could be some extra pressure to deliver a rate cut. US Building Permits data up for release ahead of the opening bell will also be under scrutiny, given its value as a forward looking indicator, but it’s the next steps in Trump’s trade tactics that will be under the greatest scrutiny.

Ahead of the open, the market is calling the DOW down 4 at 26544 and the S&P down 1 at 2850.

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