REUTERS: Wall Street was set to open lower on Tuesday, tracking a global shift out of riskier assets, as investors grappled with simmering geopolitical tensions and fears of a recession due to a drawn-out U.S.-China trade war.
Financial markets have fully priced in a rate cut at the U.S. central bank's September meeting following a recent escalation in the bruising trade war between the United States and China, which led to an inversion of the U.S. Treasury yield curve and raised the risk of a recession. Protests in Hong Kong and a crash in Argentina's currency and its stock market have driven up demand for safe-haven gold and the Japanese yen."The situations in Argentina and Hong Kong have been unsettling and while they are not critical by themselves to global growth, it's adding to the negative sentiment."
Trade sensitive Caterpillar Inc and Boeing Co slipped 0.2per cent and 0.4per cent, respectively, in premarket trading.
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