Global stocks looked set for another weak start on Wednesday, ahead of key data on U.S. housing and durable goods orders.
U.S. stock index futures were lower with about an hour before markets open, suggesting that stocks will fall at the start of trading. Futures for the Dow Jones industrial average were down 26 points or 0.3 per cent, putting 10,000 within sight again. The index fell 1.3 per cent on Tuesday after a sharp drop in existing home sales for July. Futures for the broader S&P 500 were down 3 points or 0.3 per cent.
In Europe, the U.K.'s FTSE 100 was down 0.8 per cent and Germany's DAX index was dow 0.4 per cent in afternoon trading. In Asia, Japan's Nikkei 225 fell 1.7 per cent in overnight trading.
Since it was existing home sales that skewered stock markets on Tuesday, investors are likely on edge over Wednesday's release of new home sales, along with durable goods orders. Recent economic reports have continued to reinforce the concern that the U.S. economy -- and the housing market in particular -- are softening.
However, at least earnings news was upbeat. Toll Brothers, the high-end home builder, reported a surprise profit (its first in three years) of $27.3-million or 16 cents a share.
In Canada, Canadian Imperial Bank of Commerce reported net earnings of $640-million or $1.53 a share in its fiscal third quarter. After excluding one-time items, earnings topped analysts' expectations, which could give Big Bank stocks a much-needed lift. On Tuesday, Bank of Montreal missed expectations with its third-quarter earnings, leading to a sell-off.