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Painful day ahead on Wall Street

FXStreet (Mumbai) - The US index futures are down deep in the red pointing to a painful day ahead for the Wall Street bulls.

At the time of writing, the S&P 500 futures were down 1.6% or 32 points. Dow futures were down almost 300 points. The risk aversion appears to be an extension of the post-Fed risk-off move after the Asian Development Bank published a pessimistic economic report on China and India.

The previous session US stocks had scored moderate gains after St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart both made the case for higher US interest rates later this year.

However, markets seem to believe the other way round. The European stock markets also fell sharply, with the pan-European Euro Stoxx down more than 2% losses. The energy and metals were already trading lower in Asia despite overnight strength in the US stocks.

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