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Legendary investor Mr Icahn claims that company profits are artificially high due to the low cost of borrowing.This has triggered a sell-off this morning as traders follow the Pied Piper out of the equity market.
Mining companies have lost the most ground, as the Chinese credit market has brought the strength of its economy into question. Mounting bad debts incurred by the state banking sector are preventing more successful companies from receiving financing.
Last night the Dow Jones traded above 16,000 for the first time, but the words of warning from Mr Icahn ensured traders pocketed profits early. William Dudley of the US Federal Reserve stated that he was more hopeful about the US economy yesterday, but traders are wondering whether Charles Evans and Barack Obama will share his rosy outlook this evening.
In the US, we are expecting the Dow to open 20 points lower at 15,956; US index futures are marginally lower after reaching another record high last night.