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China’s central bank on Monday cut the reserve-ratio requirement for banks by 0.5 percentage points, according to media reports. The ratio refers to the amount of cash China’s lenders must keep as reserves. Global markets came under pressure on Monday after the central bank guided the yuan lower for a fifth straight session. Investors are concerned that a weaker yuan is a major tool in China’s arsenal to help combat an economic slowdown, even after officials gathered at the Group of 20 meeting over the weekend tried to reassure markets to the contrary. The announcement to ease the reserve-ratio requirement came after the close of markets in China, which ended with a 2.9% loss for the Shanghai Composite Index . U.S. stock futures pointed to opening losses.

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From:: Stock Market News

U.S. stock futures fell sharply on Monday, tracking losses out of China where the Shanghai Composite slid over 4%. Dow Jones Industrial Average futures fell 109 points, or 0.7%, to 16,492, while S&P 500 futures dropped 13.7 points, or 0.7%, to 1,929. Nasdaq 100 futures slid 40.5 points, or 1%, to 4,189.25. The last trading day of the year was set to end on a sour note in China after the central bank guided the yuan to its lowest level in three weeks. That’s as officials in China spent the weekend G-2- meeting trying to reassure investors that their strategy does not rely on a weaker currency. Investors flocked to the yen as stock markets weakened around the globe. The dollar slid to ¥112.82 from ¥113.94 late Friday in New York. U.S. oil prices were tipping slightly lower.

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From:: Stock Market News

Space X’s latest attempt to land its reusable rocket on an offshore platform was scrubbed Sunday evening, seconds into the launch sequence. It was the third cancelled launch of the Falcon 9 rocket in the past week. Three previous attempts over the past 14 months to successfully land the rocket at sea have failed, and this mission has low expectations due to the rocket’s heavy payload, which will use up more fuel for liftoff, leaving less for landing maneuvers.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News