China's factory-gate price slump adds to signs of slowdown Nasdaq futures decline as Intel, ASML forecasts disappoint Sliding stocks and a depreciating dollar show the market’s takeaway from disappointing Chinese data is that the Federal Reserve will keep interest rates lower for longer. Global equities fell for a second day after Chinese factory-gate prices matched their biggest slump since the global financial crisis. Government bonds gained and the greenback weakened against almost all major peers as the odds of a U.S. rate hike this year tumbled to 34 percent. Copper and nickel fell, while U.S. crude oil traded below $47 a barrel. “Investors are still on edge,� said Markus Wallner, an equity strategist at Commerzbank AG in Frankfurt. “The problem is trying to figure out how much slowing demand from China will hurt the global economy.� China’s factory-gate deflation and less-than-expected consumer inflation added to signs of a slowdown in the world’s No. 2 economy follow a slump in September imports. Bets on a U.S. rates increase also fell after Fed Governor Daniel Tarullo said he was against a hike this year, and JPMorgan Chase & Co. and Intel Corp. gave downbeat outlooks. Stocks The MSCI All-Country World Index fell 0.3 percent as of 6:38 a.m. in New York, heading for its first back-to-back losses in two weeks. The Stoxx Europe 600 Index dropped 0.5 percent. Standard & Poor’s 500 Index E-mini futures were little changed after the stock gauge slipped for the first time in five days on Tuesday. ASML Holding NV, Europe’s largest semiconductor-equipment maker, dropped as much as 7.4 percent after projecting sales that missed the average analyst estimate. Software AG tumbled as much as 11 percent after cutting its 2015 revenue forecasts. Nasdaq 100 E-Mini futures fell 0.2 percent. Intel slipped more than 2 percent in early New York trading after saying a slowdown in demand from corporations threatens to curb sales at its server-chip division. Bank of America Corp., Wells Fargo & Co. and Netflix Inc. are among eight S&P 500 companies reporting earningson Wednesday. Currencies The Bloomberg Dollar Spot Index, a gauge of the U.S. currency against 10 major peers, slid 0.1 percent. The euro gained 0.3 percent to $1.1411, after climbing 0.2 percent on Tuesday. Canada’s dollar advanced 0.2 percent and Norway’s krone increased 0.7 percent. New Zealand’s dollar added 1.2 percent, after central bank Governor Graeme Wheeler said further easing will depend on economic data. Singapore’s dollar snapped a two-day drop, rising 1.1 percent as the city state’s monetary authority, the only advanced economy regulator to use the exchange rate as a key policy tool, said it would “slightly� reduce the pace of the currency’s appreciation versus trading partners. Bonds German bunds rallied, with the yield on 10-year bonds falling three basis points to 0.56 percent. Yields on similar-maturity securities from France and the U.K. also dropped about three basis points. The yield on U.S. 10-year Treasuries fell one basis points to 2.04 percent. China sold 10-year bonds with the lowest coupon since 2008. The $4.4 billion of 10-year notes had a coupon of 2.99 percent, which was lower than the 3.1 percent median estimate in a Bloomberg survey. Emerging Markets The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong dropped 1 percent in its first back-to-back decline in more than two weeks. The Shanghai Composite Index slid 0.9 percent. China’s consumer-price index increased 1.6 percent in September from a year earlier, while producer prices fell for a 43rd month. The MSCI Emerging Markets Index fell for a second day, losing 0.6 percent. Benchmark gauges in the Philippines and the Czech Republic fell about 1 percent. South Africa’s rand and Turkey’s lira gained, helping an index of 20 currencies rebound from the biggest decline since March. Commodities Gold for immediate delivery fell 0.3 percent to $1,165.90, reversing a gain of as much as 0.6 percent. Copper fell for a second day in London, declining 0.7 percent to $5,235.00 a metric ton. Aluminum, zinc and nickel also dropped. West Texas Intermediate for November delivery retreated 0.3 percent to $46.51 a barrel on the New York Mercantile Exchange. It fell 44 cents on Tuesday to $46.66, the lowest close since Oct. 5. Brent crude declined 0.7 percent to $48.92. BHP Billiton Ltd., the world’s largest miner, was selling at least $2.5 billion of hybrid bonds in dollars, euros and pounds, according a person familiar with the matter.

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