LONDON -- U.S. stocks look set to continue Friday's losses when trading starts this morning, with futures markets expecting the Dow Jones Industrial Average
Overnight news from Asia may add pressure to the markets, especially for resource shares. Chinese Premier Wen Jiabao admitted yesterday that the Chinese economy remains under "relatively large" downward pressure, while in Japan, new data showed that machinery orders fell by 15% in May, the biggest drop since 2001.
Today's domestic news also looks unlikely to provide much cheer. Earnings season gets underway tonight, with Alcoa
In Europe, eurozone finance ministers will meet later today to try to decide how to implement the deal agreed at last month's EU summit. Concerns over a likely lack of progress were reflected in the bond markets this morning, where yields on Spanish 10-year bonds rose to 7.1% and 3.29 billion euros of German new six-month debt sold for a negative yield of -0.034% as investors sought a safe haven for their cash.
European markets opened slightly down this morning, although most had recovered somewhat by lunchtime, with Germany's DAX and Italy's FTSE MIB breaking into positive territory by 7 a.m. EDT. Spain's IBEX 35 was the biggest loser and was down by more than 1% at the end of the morning. In London, the FTSE 100
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