US stock index futures pointed to a sharply lower open on Wall Street Thursday after the Federal Reserve warned of significant risks to the struggling economy and as data showed a further contraction in China's manufacturing sector.
The Fed launched a new plan to lower long-term borrowing costs and bolster the battered housing market by saying it would sell $400 billion of short-term Treasury bonds to buy the same amount of longer-term US government debt. This was its latest attempt to kickstart growth that slowed to a crawl over the first half of the year, but global markets were unimpressed.
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