US STOCKS-Wall St opens lower as global growth fears resurface

martes 3 de mayo de 2016 09:59 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

* Indexes down: Dow 0.73 pct, S&P 0.70 pct, Nasdaq 0.68 pct (Updates to open)

By Tanya Agrawal

May 3 (Reuters) - Wall Street opened lower on Tuesday as weak Chinese economic data and a surprise rate cut by the Australian central bank fanned worries 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 first easing in a year as it seeks to restrain a rising currency and insulate the economy from creeping deflation.

"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...