US STOCKS-Wall St set to open lower as weak Chinese data weighs

martes 3 de mayo de 2016 08:58 GYT
 

* Chinese factory activity shrinks for 14th straight month

* AIG falls after missing estimates for 3rd straight quarter

* Pfizer higher after reporting rise in quarterly profit

* Futures down: Dow 122 pts, S&P 15 pts, Nasdaq 31 pts (Adds details, comment, updates prices)

By Tanya Agrawal

May 3 (Reuters) - Wall Street looked set to open lower on Tuesday as weak Chinese economic data and a surprise rate cut by the Australian central bank raised concerns about the health of the global economy.

Activity at China's factories shrank for the 14th straight month in April as demand stagnated, a private survey showed.

Australia's central bank also sprang a surprise by cutting interest rates to a record low of 1.75 percent. The majority of economists surveyed by Reuters had expected no change.

"The negative news out of China and Australia having to stimulate its economy again is spooking the market today," said Peter Cardillo, chief market economist at First Standard Financial in New York.   Continuación...