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MENAFN - ecPulse - 09/10/2012

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U.S. stock-index futures declined slightly following earlier gains on Tuesday, as concerns grow over the global economic slowdown after the International Monetary Fund shaved its global growth forecast to lowest since 2009.

As of 11:03 GMT, Dow Jones Industrial Average Futures lost 0.14 percent to 13,495. Standard & Poors 500 futures fell 0.15 percent to 1,449, while NASDAQ 100 futures shed 0.33 percent to 2,771.50.

Futures expiring in December joined declines in European shares as market sentiment was shaken by the International Monetary Funds pessimistic outlook of the global economy, expected to expand 3.3 percent this year.

The IMF slashed its growth forecast for the world economy to 3.3 percent for 2012, down from July projection of 3.5 percent growth. It also expects global economy to grow 3.6 percent, down from 3.9 percent.

The IMF paired its October projection of global economic growth to the measures which policymakers in the U.S. and Europe are willing to undertake in order to counter underway economic challenges.

The IMF projection comes in light day for the worlds largest economy, however the corporate agenda is kind busy with the first kickoff of third-quarter earnings season, starting with Alcoa Inc. after the closing bell.

The U.S. largest aluminum producer is expected to post nearly flat profit in the third quarter, down from 15-cent profit reported in the year ago quarter. Fast Food Yum! Brands Inc. is expected to post profit of 96 cents a share.

The U.S. dollar rose against a six-currency basket, sending the USDIX higher for the second day, around 79.68 from 79.60, recording an intraday high of 79.85 and low of 79.50. The euro dropped to 1.2946 from 1.2967.


 






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