REUTERS: Wall Street was set to open lower on Monday, as investors shunned risky bets on fears that a drawn-out trade war between the United States and China could force the global economy into recession.
"It appears to me that the U.S. and China are pulling further apart on trying to reach an agreement," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin. Over the weekend, Goldman Sachs Group Inc said fears of the U.S.-China trade war leading to a recession were growing and that it no longer expected a trade deal before the 2020 U.S. presidential election.Highlighting the fallout of the trade dispute on global growth, a survey by Germany's Ifo economic institute on Monday showed the economic outlook for third quarter has deteriorated worldwide.
At 8:27 a.m. ET, Dow e-minis were down 144 points, or 0.55per cent. S&P 500 e-minis were down 16.25 points, or 0.56per cent and Nasdaq 100 e-minis were down 47.25 points, or 0.62per cent.
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