Equity futures fell as China’s exports unexpectedly declined by the most in two years in December, while the country posted its biggest trade surplus with the United States on record in 2018, which could turn up the heat on Beijing in their bitter trade dispute.
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Dow Jones futures were down 0.8 percent. The S&P 500 fell 0.8 percent and the Nasdaq Composite was dropped 1 percent.
The China data hit markets in Asia particularly hard.
Hong Kong’s Hang Seng closed down 1.4 percent.
China’s Shanghai Composite ended the session down 0.7 percent.
Japan’s Nikkei was closed for a holiday.
European markets are reacting much the same way. London’s FTSE traded 1 percent lower, Germany’s DAX is off 0.7 percent and France’s CAC is down 0.8 percent.
In the U.S., bank earnings season will begin with results on Monday from Citigroup. Analysts are looking for fourth-quarter profit of $1.55 per share on revenue of $17.55 billion.
|I:DJI||DOW JONES AVERAGES||23995.95||-5.97||-0.02%|
|I:COMP||NASDAQ COMPOSITE INDEX||6971.4759||-14.59||-0.21%|
U.S. stocks closed slightly lower on Friday, ending a five-session winning streak that had pulled two key equity averages out of correction territory.
Despite the negative closing, all three major stock averages ended the week higher: The Dow Jones Industrial Average up 2.4 percent, the S&P 500 up 2.54 percent and the Nasdaq Composite up 3.45 percent.
General Motors said on Friday that its decision to cut 15 percent of its North American workforce and halt production at several plants could contribute between $2 billion and $2.5 billion to profits this year. The largest American automaker also strengthened its earnings guidance to between $4.5 billion to $6 billion, while it said per share profits could be $6.50 to $7 – exceeding Wall Street’s $5.86 forecast, according to Refinitiv.