Day trading pre-market open August 16

Morning traders. Thanks loungers, especially @Ravgnome and @Patterns.

Outlook for the day: Solidly negative after weak Chinese factory data rattles commodity markets and free-spending consumers upset Wall Street's rates calculations.

ASX futures: down 75 points or 1.04%

Overnight themes:

• US stocks sink as weak Chinese economic data threatens global demand while robust American consumer spending threatens to keep US interest rates higher for longer.
• Equity markets from Asia through Europe retreat after Chinese factory, retail sales and employment data miss targets. Snap cuts to lending rates appear to panic, rather than soothe, investors worried that the world's second-largest economy is losing momentum.
• A 0.7% jump in US retail sales in July - the largest increase in six months - raises concerns that the Fed may have to lift interest rates again to stifle inflation. Treasury yields hover near 2023 highs.
• “This is a situation when good news really is bad news” - Quincy Krosby, chief global strategist for LPL Financial.
• Banks fall on reports that credit ratings agency Fitch could downgrade some lenders.
• The S&P 500 closes at its lowest in a month. The broadest of the major US indices ends below its 50-day moving average, a key technical indicator for some long-term investors.
• All 11 US sectors decline. Energy and financials lead the sell-off. Health and tech are least-worst with declines of less than 1%.
• Copper and nickel touch six-week lows. Global X's fund of of battery metal producers falls to a level last seen in April. Iron ore rebounds on hopes for more stimulus.

Key events today:

• Minutes from last month's Federal Reserve rates policy meeting - tonight

S&P 500: down 52 points or 1.16%

Dow: down 361 points or 1.02%

Nasdaq: down 157 points or 1.14%

Dollar: down 0.5 % to 64.56 US cents

Iron ore (Dalian): up 1.6% to US$101.67

Brent crude: down US$1.32 or 1.5% to US$84.89

Gold: down US$8.80 or 0.5% to US$1,935.20

NYSE Arca Gold Bugs: down 2.71%

Copper (LME): down 1.37% to US$8,178 (6-week low)

Nickel (LME): down 1.4% to US$19,770 (6-week low)

Lithium carbonate (China spot): down 2.3% to US$32,605

Global X Lithium & Battery Tech ETF: down 2.2% (4-month low)

BHP: down 2.04% (US); down 1.52% (UK)

Rio Tinto: down 2% (US); down 1.29% (UK)