May 03, 2016- Stocks Trade Lower on Weak China Data

Trading in the U.S. index futures suggests that Wall Street stocks may head towards a headlong plunge at the open, throttled by a host of negative catalysts. Global cues are lackluster, with Asian stocks closing mixed despite the Reserve Bank of Australia upping the ante with an unexpected rate cut, blaming the move on the inflation outlook. Japan was closed but China rallied despite another disappointing manufacturing reading. Europe has opened to uninspiring bank earnings that disappointed to the downside. Stocks across the Atlantic are notably lower, with downward revision to its eurozone GDP growth estimate by the European Commission also serving to aggravate the weakness. The yen is on a relentless climb and is now trading below the 106-level against the dollar. Commodities are also weak even as the dollar languishes. The domestic markets could be restrained by the general risk-off mood.