U.S. equities hit the brakes overnight
U.S. equities hit the brakes overnight after Chinese trade data swung into reverse and rattled the markets, leaving European shares some 1.5% lower after more modest declines in Asia (Shanghai Comp actually closed in the green). The round of firmer trade price data and very low jobless claims didn't alter the balance appreciably. The Dow is 125-points lower, S&P faltered 15-points and NASDAQ is off 34-points in pre-market action. The banking sector in Germany resumed its decay, led by a 3.1% drop in Commerzbank and 2.8% slump on Deutsche Bank, which implemented a hiring freeze. Problems in the sector weren't limited to Europe either, after Wells Fargo CEO and Chairman Stumpf resigned and won't receive a severance in wake of the account sales tactics scandal that finally took a toll. Wells shares were rewarded with a 1% pre-open gain, however, for the move. Delta and Wynn Resorts are on tap to release earnings. Crude oil continued to linger in the $50 bbl area, marginally lower.