This morning, the S&P 500 Index e-mini futures (ES-M2) are trading lower by 2.50 points to 1396.00 per contract. This is basically another flat open for the major stock indexes. The problems in Europe remain intact as Italian and Spanish growth continues to slow. All of the leading European stock indexes are trading slightly lower before the opening bell rings at the New York Stock Exchange. Equities such as the iShares MSCI Italy Index (ETF) (NYSEARCA:EWI), iShares MSCI France Index (ETF) (NYSEARCA:EWQ), and the iShares MSCI Spain Index (ETF) (NYSEARCA:EWP) could all be in play today.
In Asia, the Chinese, Hong Kong, and Indian economies all look to be facing major headwinds. The important Shanghai Index (China), was basically flat last night trading higher by 0.22 percent. Meanwhile, the Hang Seng Index (Hong Kong), and the Sensex Index (India) closed lower by 1.00 percent. This action tells us that the Asian ADR's could be under pressure if the U.S. markets are weak this morning.