BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The Consumer Price Index, the Retail Sales Report as well as the Import and Export Report for October are the major economic announcement awaited by the market on Wednesday. These reports will give a clear picture about the inflation situation.
Asian shares closed in the red, while European shares are trading down. Initial cues from the U.S. Futures Index clearly pointing to a lower opening for Wall Street.
The market is closely watching the army's seizing of power in Zimbabwe and other political developments.
As of 6.30 am ET, the Dow futures were slipping 134 points, the S&P 500 futures were shedding 14.50 points and the Nasdaq 100 futures were slipping 34.25 points.
U.S. stocks closed modestly lower on Tuesday. The Dow edged down 30.23 points or 0.1 percent to 23,409.47, the Nasdaq fell 19.72 points or 0.3 percent to 6,737.87 and the S&P 500 dipped 5.97 points or 0.2 percent to 2,578.87.
On the economic front, the Labor Department's Consumer Price Index for October will be issued at 8.30 am ET. The economists are looking for growth consensus of 0.1 percent, while it grew 0.5 percent in the prior month.
Import and Export Prices for October will be published at 8.30 am ET. The consensus is for growth of 0.4 percent, down from 0.7 percent in the previous month.
The Commerce Department's Retail Sales for October will be revealed at 8.30 am ET. The consensus is 0.1 percent increase, down from 1.6 percent growth in September.
The New York Federal Reserves Empire State Manufacturing Survey for November will be issued at 8.30 am ET. The consensus is for 26.0, down from 30.2 in the prior month.
Atlanta Fed Business Inflation Expectations for November is expected at 10.00 am ET. In the prior month the inflation expectations were 1.8 percent.
The Commerce Department's Business Inventories for September will be revealed at 10.00 am ET. The forecasters are looking for 0.1 percent, down from 0.7 percent in the previous month.
The Energy Information Administration or EIA's Petroleum Status Report for the week will be issued at 10.30 am ET. The crude oil inventories in the prior week was 2.2 million, while gasoline inventories recorded a deficit of 3.3 million barrels.
Treasury International Capital for September will be published at 4.00 pm ET. The foreign demand for long term U.S. securities in the previous month was $67.2 billion.
Boston Federal Reserve Bank President Eric Rosengren will give remarks on the U.S. Economy at Northeastern University's Economic Policy Forum in Boston at 4.00 pm ET.
In the corporate sector, At the 2017 Dubai Airshow, Airbus Group announced its biggest ever commercial-plane deal in its history when it agreed to sell 430 planes to Indigo for $49.5 billion. Meanwhile, Boeing bagged the largest-ever single-aisle jet order from a Middle East carrier with its $27 billion deal with flydubai to sell 225 737 MAX Airplanes.
CDB Aviation Lease Finance DAC, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited, announced that it has confirmed an order for 90 Airbus A320neo Family aircraft during the 2017 Dubai Airshow.
Asian stocks fell broadly on Wednesday. Chinese shares extended losses. The benchmark Shanghai Composite index fell 27.02 points or 0.79 percent to 3,402.52 while Hong Kong's Hang Seng index declined 300.43 points or 1.03 percent at 28,851.69.
Japanese shares tumbled as the yen surged broadly and economic data on industrial output and GDP painted a mixed picture of the economy. While Japan's industrial output declined less than initially estimated in September, GDP grew 0.3 percent sequentially in the third quarter of 2017, shy of expectations for a 0.4 percent gain and down from 0.6 percent in the second quarter, separate reports showed. The Nikkei average gave up 351.69 points or 1.57 percent to end at 22,028.32 while the broader Topix index closed 1.96 percent lower at 1,744.01.
Australian shares fell for a fourth consecutive session. The benchmark S&P/ASX 200 index dropped 34.50 points or 0.58 percent to finish at 5,934.20 while the broader All Ordinaries index ended down 36.40 points or 0.60 percent at 6,012.30.
European shares are trading down. Among the major indexes in the region, the CAC 40 Index of France is declining 31.08 points or 0.59 percent, the German DAX is losing 171.34 points or 1.32 percent. The U.K. FTSE 100 Index is slipping 42.55 points or 0.58 percent and the Swiss Market Index is declining 60.35 points or 0.66 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.81 percent.
Copyright RTT News/dpa-AFX