Monday, December 30, 2013

U.S. stock futures in retreat mode

U.S. stock futures were moving lower on Wednesday as markets in Asia saw broad-based declines.

Ahead of the opening bell, Dow Jones industrial average index futures dipped 0.2%, Standard & Poor's 500 index futures shed 0.3% and Nasdaq index futures lost 0.3%.

On Wall Street Tuesday, the Dow fell 0.2% to 15,750.67 and the broader S&P 500 closed 0.2% lower at 1,767.69. The Nasdaq composite inched up to 3,919.92.

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Asian stock markets fell after a highly anticipated meeting of Chinese leaders did not announce bold reforms to overhaul a growth model that is running out of steam.

The Shanghai composite index fell 1.8% to 2, 087.75. Hong Kong's Hang Seng index declined 1.9% to 22,463.83. Japan's Nikkei 225 index lost 0.2% to 14,567.16.

Communist Party leaders in Beijing pledged to promote market forces in the country's state-dominated economy after the four-day meeting wrapped up late Tuesday. But in a disappointment for reform advocates, they failed to announce dramatic changes such as curbing the dominance of state industry, extending property rights to farmers or relaxing the one child birth control policy.

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Major European benchmarks were lower. Britain's FTSE 100 declined 1.2% to 6,646.23 and France's CAC-40 dropped 0.8% to 4,228.80. Germany's DAX shed 0.3% to 9,046.58.

In energy markets, benchmark crude for December delivery was up 22 cents to $93.26 in electronic trading on the New York Mercantile Exchange. The contract plunged $2.1 to $93.04 on Tuesday as market anticipated another increase in U.S. supplies.

Contributing: Associated Press

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