Just released by REUTERS about an hour ago, the Futures are up despite the weak China data. You can access the full article here. Hopefully the overall market continues to be strong thus influencing the KLSE tomorrow.
Whatever it is, for all the investors out there, trade with care and Happy Trading!
Futures up despite weak China data; Fed awaited
U.S. stock index futures were higher on Monday, shrugging off weak Chinese economic data, ahead of this week's U.S. Federal Reserve meeting that would decide on an interest rate increase.
Wall Street closed higher last week with the S&P 500 and Nasdaq composite posting their biggest weekly gain since July.
Growth in China's investment and factory output missed forecasts in August, raising the chances that China's third-quarter economic growth may dip below 7 percent for the first time since the global crisis.
Investors are awaiting this week's Fed monetary policy meeting and news on whether it will raise benchmark U.S. rates for the first time since 2006. The Fed is scheduled to meet on Wednesday and Thursday.
A Reuters poll showed a small majority of forecasters still expect a Fed hike on Thursday, though markets-based models suggest policy tightening will be delayed.
Stocks have been volatile for the past few weeks since China devalued its currency in August and the impact of a slowdown in the country on global growth rattled investors. The S&P 500 has had moves of at least 1 percent in more than 10 sessions since Aug. 20.
The Fed has said it will raise rates when it sees a sustained economic recovery with special emphasis on the job market and inflation.
U.S. data released last week has painted a mixed picture, further clouding the outlook for what the Fed will decide to do this week.
Oil prices fell nearly 1 percent on the prospect of dwindling demand, though reduced U.S. drilling, as measured by a rig count, offered some support.
Alibaba Group Holding (BABA.N) shares fell 3.3 percent to $62.50 premarket after Barron's said the company's shares could lose another 50 percent of their value.
Yahoo (YHOO.O) was down 2 percent at $30.80 after the company said on Friday its media head has decided to leave the company.
