U.S. indices closed lower in a late day sell-off on Friday after news that Chinese trade officials were cutting their U.S. visit short. Shares in the Semiconductors & Semiconductor Equipment (-1.81%), Retailing (-1.29%) and Technology Hardware & Equipment (-1.07%) sectors felt the most pressure. On Monday, the Markit U.S. Manufacturing PMI for September is expected to be in line with the prior month’s reading of 50.3.
The S&P 500 (2992.07) trades above its 20d moving average (2,955.87 – positive slope) and its 50d moving average (2,951.41 – flat slope).
European markets are expected to open on a negative note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was bullish against most of its major pairs with the exception of the CHF and JPY on Friday. On the economic data front, no major news to be reported. On Monday US Markit Manufacturing PMI for September is expected to be in line with the previous reading of 50.3 in the prior month.
The Euro was bearish against most of its major pairs with the exception of the NZD, AUD and GBP. In Europe, the Producer Price Index in Germany declined by -0.5% on a monthly basis in August after rising by 0.1% in July. Economists expected the index to decline 0.2%.
The Australian dollar was bearish against most of its major pairs with the exception of the NZD.<\/p>\n\n\n\n