Stock futures hit by Europe rate fears, China worries

|By:, SA News Editor

U.S. stock futures follow European and Asian markets lower after the Bank of England indicated it could raise interest rates sooner than expected and China's Third Plenum failed to provide clear policy direction; the S&P and Dow -0.5%, and the Nasdaq -0.7%.

Major European indices hover near their worst levels of the session, with the U.K.'s FTSE (-1.5%) leading the weakness; Asian markets fell broadly, with Hong Kong (-1.9%) and Shanghai (-1.8%) pacing the decline.

Concern continue to rise on when the Fed will begin acting on tapering, and investors will be looking ahead to tomorrow's Janet Yellen confirmation hearing for clues on when she might feel it appropriate to start winding down the bond-purchase program.

The yield on the 10-year Treasury slipped to 2.751% from a near two-month high of 2.768% late Tuesday.