What’s in Today’s Report:
- Earnings Update and Outlook
U.S. futures are tracking global shares lower on renewed economic growth concerns after Chinese GDP hit a near three-decade low of +6.6% in 2018 while the IMF reduced 2019 global economic growth forecasts to 3.5% from 3.7%.
Furthermore, news that the U.S. is pursuing formal extradition of Huawei’s Meng Wanzhou from Canada is further weighing on sentiment towards the delicate political relationship between the U.S.-China right now.
There was more underwhelming economic data o/n as the German ZEW headline whiffed (27.6 vs. E: 43.2), underscoring deterioration in analyst confidence in the EU’s largest economy.
Today there is just one economic report to watch: Existing Home Sales (E: 5.240M) and there are no Fed officials scheduled to speak.
That will leave investor focus on earnings and U.S.-China relations. Notable earnings today include: JNJ ($1.95) before the open and IBM ($4.81), COF ($2.40) after the bell.