US stock markets have been rattled by yet more gloomy economic data from China.
The industrial profits of the world’s second-largest economy fell by 8.8% last month, according to official figures, and are down 1.9% for the year to date.
"This morning’s dire factory profit figure from China seems to have spooked investors (not that it takes a lot at the moment)," noted Connor Campbell at spread betting firm Spreadex.
Closer to home, US personal income rose 0.3% in August, but this was a bit below the 0.4% economists had been expecting.
Sales of previously-owned homes declined in August, catching forecasters on the hop.
The index, published by the National Association of Realtors, decreased 1.4%, following a 0.5% rise in July, and in contrast to economists' expectations of a 0.4% rise.
The Dow Jones index was down 194 points at 16,121 after 45 minutes of trading; the S&P 500 was off 22 points at 1,909 and the Nasdaq Composite was 66 points weaker at 4,620.
Aluminum producer Alcoa (NYSE:AA) defied the trend, rising 29 cents to US$9.38, after it announced plans to split in two.
The proposed hiving off of the sexier technology-led aspects of the business from the old school bauxite, alumina and aluminum operations got the thumbs-up from investors.
Media and technology company Comcast (NASDAQ:CMCSA) falls in line with the market, after the company agreed to buy a 51% stake in Universal Studios Japan for US$1.5bn.
Energy Transfer Equity (NYSE:ETE) lost one-ninth of its market value, sliding US$2.55 to US$20.69, as it agreed a merger with Williams Companies (NYSE:WMB) - down US$4 to US$37.60.
There was a better response to the agreed takeover of Media General (NYSE:MEG) by Nexstar Broadcasting Group (NASDAQ:NXST).
Media General rose by a quarter to just under US$14 while Nexstar hardened US$1.69 to US$46.21 as investors applauded the deal, which values the local television station owner at US$1.85bn.
Novo Nordisk (NYSE:NVO), the world's largest insulin maker, gained on the back of U.S. Food and Drug Administration approval for its diabetes drug Tresiba.
ADRs of the Denmark-based company rose 1.4% to US$55.72, after peaking at just under US$57.
Sprint (NYSE:S) back-pedaled 10 cents to US$4.20; the fourth-largest U.S. mobile operator said it will not participate in a scheduled auction of government airwaves set for early 2016.
Environmentalists were cheered when Royal Dutch Shell (NYSE:RDS.B) decided to cease further operations in the Arctic exploration project for the foreseeable future.
The oil and gas ‘super-major’ made the announcement following a disappointing drilling result on the Burger well. The Anglo-Dutch company blamed the Burger result, the high cost of drilling in the remote location and an “unpredictable federal regulatory environment” for the decision to quit.
Shares of the American Depositary Receipts slipped 88 cents to US$46.54.