Friday September 11th

11-09-2015

Dow Futures points to a lower opening

U.S. stock index futures indicated a lower open on Friday with traders cautious about next week's meeting of the U.S. Federal Reserve and wary of any attempts by the market to rally. The Fed will meet on September 16 and 17, with the timing of the U.S. central bank's first rate hike in nine years a continued source of debate in the markets. In Europe, the pan-European STOXX 600 index was down about 1 percent, with investors also looking to next week's decision. In Asia, the Shanghai Composite Index closed 0.08 percent higher, while the Nikkei was down 0.19 percent. In economic news, the Producer Price Index (PPI) for August came in unchanged, slightly beating expectations for a 0.1 percent decline. Consumer sentiment data is scheduled for release at 10 a.m. Treasury yields held slightly lower, with the 10-year yield at 2.19 percent and the 2-year yield at 0.73 percent. Asian stocks see-sawed on the final trading day of the week, as investors eyed increased uncertainty heading into the Federal Reserve's crucial meeting on interest rates next week. Nikkei dips 0.2%. Japan's Nikkei 225 index fluctuated between modest gains and losses throughout Friday, as traders looked ahead to the key events next week. Oil prices fell more than 2 percent on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.  Joining a long list of banks cutting their price forecasts, Goldman Sachs on Friday reduced its 2015 U.S. crude oil estimate to $48.10 a barrel, down from $52. The bank lowered its 2016 forecast for U.S. crude to $45 from $57. Brent for October was down $1.20 at $47.69 a barrel by 8:03 a.m. EDT (1203 GMT). U.S. crude, also known as West Texas Intermediate or WTI, was down $1.18 at $44.74 a barrel. Gold eased on Friday, weighed down by a firmer dollar, while uncertainty over the timing of the Federal Reserve's first interest rate increase in nearly a decade held prices in a narrow range. The precious metal is on track to fall for a third successive week, down 1.3 percent, after touching a three-week low at $1,101.11 an ounce on Wednesday. Spot gold was down 0.5 percent at $1,105.36 an ounce, while U.S. gold futures for December delivery were down $4.70 an ounce at $1,104.80.