LONDON -- The Dow Jones Industrial Average
Overnight, the World Bank announced that it had cut its growth forecast for China, with World Bank economist Bert Hofman telling a briefing in Singapore that China was experiencing a "double whammy" of weakening exports and falling domestic demand. The World Bank has cut its growth forecast for China to 7.7% for this year and 8.1% for next year, emphasizing that it still expects a soft landing for the economic giant.
Today's Columbus Day holiday means that no economic data is scheduled for release in the U.S., so investors' attention is likely to be focused on China and on the latest developments in the eurozone crisis.
Investors may also be cautious about taking large new positions ahead of the start of this quarter's earnings season, which gets underway this week. The first of the major quarterly results is due after the closing bell on Tuesday, when Alcoa, often considered to be a bellwether for the wider economy, releases its latest update.
Shares in Apple
In Europe, the World Bank's revised forecast for Chinese growth contributed to falls across the board this morning, with most major European indexes trading lower by 7 a.m. EDT. The DAX was down 1.4%, the CAC was down 1.1%, the FTSE MIB was down 1.8%, and the IBEX was down by 0.9%.
In London, the FTSE 100
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Roland Head has no shares in any of the companies mentioned in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.