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Sep E-mini stock futures this morning are down -6.25 points (-0.22%) at a 1-week low and European stocks are down -0.62% at a 4-month low. Concern that a slump in emerging markets will spread and slow global economic growth is weighing on world equity markets. Emerging market currencies are under pressure on fears of further Fed rate hikes that will strengthen the dollar after an increase in Tuesday’s U.S. Aug ISM manufacturing index boosted the odds of tighter Fed policy. Energy stocks are also moving lower with Oct WTI crude oil down -1.36% after Tropical Storm Gordon did little damage to U.S. oil installations along the Gulf Coast and has weakened as it moved inland. Asian markets settled lower as China’s Shanghai Composite closed down -1.68% and Japan’s Nikkei Stock Index closed down -0.51% at a 1-week low. Turmoil in emerging markets pressured Asian equity markets as did the prospects for escalation of the U.S./China trade conflict with the U.S. set to impose tariffs on an additional $200 billion of Chinese goods tomorrow. The dollar index is down -0.04%. EUR/USD is up +0.09%. USD/JPY is up +0.16%. Dec 10-year T-notes are up +1.5 ticks.

The China Aug Caixin services PMI fell -1.3 to 51.5, weaker than expectations of -0.2 to 52.6 and the slowest pace of expansion in 10-months.

Eurozone Jul retail sales fell -0.2% m/m, weaker than expectations of -0.1% m/m.

The Eurozone Aug Markit composite PMI was revised upward to 54.5 from 54.4.

The German Aug Markit services PMI was revised downward to 55.0 from 55.2, still the strongest pace of expansion in 6-months.

The UK Aug Markit/CIPS services PMI rose +0.8 to 54.3, stronger than expectations of +0.4 to 53.9.

Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2892.00 -6.25 -0.22%
Europe Euro Stoxx 50 3338.41 -20.95 -0.62%
Japan Nikkei Index 22581 -116 -0.51%
China Shanghai Comp. 2704 -46 -1.68%
10yr T-notes (CBT)(Z8) 119.310 0.015 0.04%
U.S. Dollar Index 95.404 -0.035 -0.04%
Euro FX (EUR/USD) 1.1592 0.0010 0.09%
Dollar-yen (USD/JPY) 111.59 0.18 0.16%
Sterling (GBP/USD) 1.2825 -0.0030 -0.23%
WTI Crude Oil (V8) 68.92 -0.95 -1.36%
Brent Crude Oil (X8) 77.31 -0.86 -1.10%
Gasoline (Nymex) (V8) 1.9735 -0.0207 -1.04%
Gold (Comex) (Z8) 1200.4 1.3 0.11%
Silver (Comex) (Z8) 14.200 0.020 0.14%
Copper (Comex) (Z8) 2.612 0.010 0.38%

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