LONDON (SHARECAST) - Concerns about the global economy look set to weigh on US equities.
The World Bank has cut its 2012 growth estimate for China from 8.2% to 7.7%, saying that the economy has been hit by weak export demand and investment growth. "China's slowdown this year has been significant, and some fear it could still accelerate," the World Bank said.
This follows the leaked estimates of the International Monetary Fund (IMF) forecasts last week. The IMF is expected to announce tomorrow that it has revised down its global growth expectations for this year and the next.
Car maker General Motors (GM) has added to the air of gloom by revealing that its sales in September in China grew at the slowest rate in eight months. Deliveries of GM cars and mini-vans in the People's Republic rose 1.7% in September.
Social network giant Zynga could come under selling pressure early on after its downbeat trading update on Friday.
One bright spot could be media streaming firm Netflix which has been upgraded by Morgan Stanley to "overweight" from "equal weight".
Judging by spread betting quotes, the Dow Jones 30-share index could open 50 points lower and the broader-based S&P six points easier.
LONDON (SHARECAST) - Concerns about the global economy look set to weigh on US equities.
