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Dow Jones futures still struggling- important US data on the agenda today

The European stock markets have been trying to rebound this morning, as noted in the previous update, but the rebound remains tentative and at this stage unconvincing. At the same time, the US futures remain firmly in the red. The Dow Jones is still leading those losses and ahead of the reopening we have some important US data due for release at 12.30pm GMT. That covers the latest trade balances and weekly jobless claims, but the real focus is on the Q1 GDP estimate. This is the second estimate and it is forecast to be revised lower, to 1.3% from a prior 1.6% gain. Also out at the same time is the latest Q1 core PCE data, which can have an impact too. The Dow Jones futures are currently pricing the reopening at around 38,100. The low seen earlier was around 38,040. 

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