S&P 500 futures are down 0.5%
S&P 500 futures are down 0.5% in the overnight session, more than reversing yesterday's 0.4% closing gain the cash version of the index saw on Wall Street yesterday. China's commerce ministry stated that a "foundation" to resolve differences with the U.S. on trade had been established, but there wasn't much detail, leaving investors underwhelmed after President Trump had talked up progress during the three-day discussion between vice-ministerial delegates in Beijing. In the sentiment-forming mix have been a much bigger than expected 1.3% m/m contraction in French industrial production in November, and much weaker than expected inflation data out of China, where headline December CPI tumbled to just 0.9% y/y from 2.2% y/y in November. These data have fuelled narratives about flagging Eurozone growth and slowing demand in the trade-war afflicted Chinese economy. The partial government shutdown in the U.S. is also on the worry list. Expect an ugly open on Wall Street.