S+P 500 futures slightly in the red this morning as big US data awaits this afternoon

Later today, at 12.30pm GMT we will get some important US economic data. That is the August reading of PCE (Personal Consumption expenditure) and this is important because it is the Feds preferred inflation gauge. The markets are actually forecasting this to edge a little higher on an annualised basis last month, by 2.7% compared to 2.6% previously. Anything close to, or above 3% folks and we are sure going to get some fireworks across the markets this afternoon. Conversely anything below the forecast range and that will surely underscore; the decision to lower rates aggressively earlier this month was the right one. So, all to be revealed later on. Meantime, the US equity futures are slightly in the red this morning, right now led by some downside in the Nasdaq 100. The focus here will not necessary be on that index later though, as this data might have greater implications for the S+P 500. That index posted a record close last night, at 5,745.37, after setting a new all time high, at 5,767.37. It is just now priced to reopen around 5,738