Indexes are lower from Asia to USA on growth concern.Japan Retail Trade data showed a slowdown in sales, while in China corporate profits were reported lower.
In Europe, German unemployment rises for consecutive fifth month and the German economy slowed to 0.3% compared to economy growth of 0.5% in the first quarter of the year.
The markets in coming weeks, might price in the possibility of a contraction in Europe for the rest of the year. Along with it, it could be added that the Fed Chairman Ben Bernanke could tomorrow indicate that a third round of quantitative easing would not be necessary yet because the US economy, grew more than estimated in the second quarter.
The Dow Jones is in a technical point awaiting for a direction to take. At the moment it is ready for a correction. Trading have been subdue during the week, people are more willing to take profit out than deal with the risk and losses. Everybody is waiting for Ben Bernanke the ECB President Mario Draghi and IMF President Christine Lagarde up coming speech.
The European Central Bank is expected to give the market some relieve by acting appropriately to end the debt crisis. The ECB meets on Sept. 6, a date that most investor will wait for, before committing to the markets.