1. Wall Street points to lower open
U.S. stock futures pointed to a lower open on Wall Street on Tuesday with the Dow 30 futures dipping 0.08%, the S&P 500 futures falling 0.11%, while Nasdaq 100 futures declined 0.24% amid renewed jitters over the outlook for global growth.
2. German industrial orders fall again
Data on Tuesday showed that German factory orders fell unexpectedly in August, adding to concerns that slowing global growth is starting to affect the euro area’s largest economy.
German industrial orders fell 1.8% from a month earlier, compared to expectations for a 0.5% increase after a 2.2% drop in July.
3. European stocks lower after Asia rallies
European stock markets were pressured broadly lower by the news that German factory orders slid in August.
Most of the main indices were in the red, with Germany’s DAX shedding almost 0.5%. London’s FTSE 100 dropped 0.17%, while France’s CAC 40 was up 0.35%.
Asian stocks rose to two-week highs overnight as a rebound in oil prices and fading expectations for a rate hike by the Federal Reserve this year boosted risk appetite.
Japan’s Nikkei was up 1% at the close, while financial markets in China remained closed for a holiday.
4. U.S. data in focus
The U.S. was to release the August trade balance report at 8:30AM Eastern time, amid expectations that the deficit would widen to $47.4B from $41.9B in July.
A widening trade gap could cut further into growth forecasts for the second half of the year.
The stronger dollar and slowing global growth have been weighing on exports, making imported goods cheaper for U.S. consumers.
5. Trans-Pacific trade pact struck
Twelve Pacific Rim nations, including the U.S., Canada and Japan reached a historic agreement on Monday, after five years of talks, aimed at cutting trade barriers.
The Trans-Pacific Partnership (TPP) will reduce tariffs in countries accounting for around 40% of the world's economy, including on auto trade, dairy exports and monopoly periods for next-generation drugs.