Top U.S. trade negotiators are in Beijing this week
Dow Jones Industrial Average (DJI) futures are pointed slightly higher this morning, after Special Counsel Robert Mueller's investigation into Russian interference in the 2016 U.S. presidential election found no evidence of collusion on the part of President Donald Trump's campaign. This is helping offset fears of a global recession that were sparked last Friday by a rare yield curve inversion. The focus now shifts to U.S.-China trade talks as Treasury Secretary Steven Mnuchin and top trade negotiator Robert Lighthizer head to China to resume negotiations.
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Speeches from Chicago Fed President Charles Evans and Philadelphia Fed President Patrick Harker kick off the week. Traders will also be met with the Chicago Fed National Activity Index and Dallas Fed manufacturing survey. For earnings, Cheetah Mobile (CMCM), Red Hat (RHT), and Winnebago (WGO) will report.
Stocks in Asia were hit hard due to growing concerns about the health of the global economy, stemming from Friday's weakness out of U.S. markets. China's Shanghai Composite and Hong Kong's Hang Seng both shed 2%, and South Korea's Kospi fell 1.9%. The losses were worse in Japan, where the Nikkei gave back 3%. Tech shares were some of the biggest losers all around, while financial giant Softbank also suffered notable losses.
In Europe the selling is less severe, though the major indexes remain in the red amid ongoing Brexit uncertainty. Helping offset the losses was Germany's Ifo business climate survey, which topped analysts' expectations for March. Still, London's FTSE 100 is down 0.6% so far, France's CAC 40 is off 0.2%, and Germany's DAX has dipped 0.1%.