Another Rough Morning Ahead
Following a dismal day on Wall Street yesterday, with the Dow closing down about 5 percent, it has been a rough night and morning for overseas trading.
Japan's Nikkei was down 6.5 percent. The FTSE 100 index in London is off 4 percent.
And things don't look much better for U.S. trading today. Dow futures are down 107 points, or 1.1. percent. S&P futures are also down: 12.9 points, or 1.4 percent.
Most traders seem to be reacting to more sour earnings news, this time from Toyota, Cisco, and Adidas. Toyota is forecasting its biggest drop in profit in at least 18 years.
Also this morning, all eyes are focused on the European Central Bank for the results of its rate-setting decision. Many economists are forecasting a hefty cut.
The Ticker will continue updating news throughout the day.
-- Michael S. Rosenwald
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