Dow futures tumbled 200 points Monday morning after China announced weaker-than-expected trade data, sparking renewed worries of a global economic slowdown. Chinese exports fell the most in over two years in December.
Trade tariffs with the US are obviously starting to affect the second largest economy which will put even more pressure on them to come to trade terms before the next wave of tariff increases hit in March.
“We believe trade growth next year will slow significantly on huge uncertainty and high base,” Citi analysts wrote in a note, predicting China’s exports and imports to fall 5% and 6.8% respectively this year.
The S&P 500 futures were off by 25 points while the NASDAQ futures slipped 75 points, marking just over a percent close from Friday.
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