Stocks Under Pressure After Weak Chinese Import Data Raises Growth Concerns

NAU.S. stock futures are pointing to a lower open on Tuesday and global stocks are under pressure following a new report released today that shows weaker than expected Chinese import data in September.

The weak import data is the latest in a series of economic reports over the past several months that reveals slowing growth in China.

China’s imports fell more than expected in September, dropping 20.4 percent year over year to $145.2 percent and lower than August’s 5.5 percent decline.

Weak domestic demand and falling commodity prices account for some of the decline.

China’s third quarter GDP results are due out on October 19th and may show a decline below 7 percent which is China’s annual GDP goal.

China is struggling to move away from relying on exports while attempting to become a more consumer driven, import focused economy.

China’s exports fell 3.7 percent in September compared to a 13.8 percent slide in August.

Iran

After Iran’s parliament voted on Tuesday to approve a nuclear agreement between Iran and six world powers, a council of senior clerics called the Guardian Council will review the agreement before its final approval, state run IRNA news agency reported today.

Malaysian Flight MH17

 A Dutch safety board reported today that Malaysian Flight MH17, which crashed in a separtist held area in southern Ukraine in July 2014, was downed as a result of a Russian made Buk missile.

Ukraine and the West holds Russian separatists responsible for firing the missile that downed flight MH17 while Russia claims that the missile that brought down the plan was fired from Ukrainian controlled territory.

-Johnathan Schweitzer

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