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Stocks set for weak open as World Bank cuts growth forecast

  • Stock futures follow global equities lower after the World Bank trimmed its outlook for global growth to 2.8% for the year from an earlier 3.2% while cutting its forecast for U.S. growth to 2.1% from 2.8%; Dow -0.4%, S&P and Nasdaq -0.5%.
  • Major European bourses are lower across the board, with markets ending mixed across Asia.
  • With little economic news to focus on, the World Bank's downbeat report is providing an excuse for what some see as a much needed pullback; also taking some blame for early weakness is Eric Cantor's surprise defeat in a Virginia House race, which is seen as a blow to moderate Republicans.
  • Treasurys hover just below their best levels of the session, with the 10-year yield down one basis point at 2.64%.
  • Still ahead: EIA petroleum inventories.
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