US pre-open: Futures point to losses as Trump faces impeachment inquiry

As of 1200 BST, Dow futures were down 0.17%, while S&P 500 and Nasdaq futures had the indices opening 0.21% and 0.36% softer, respectively.

The Dow closed 142.22 points lower on Tuesday after Trump's speech at the United Nations, during which he hit out at Iran and China.

Shortly after that address, the US House of Representatives officially launched an impeachment inquiry into the President.

The inquiry comes amid concerns over Trump's efforts to push Ukraine President Volodymyr Zelensky on multiple occasions to investigate the family of former Vice President Joe Biden, one of his main rivals for the presidency in 2020.

Trump allegedly probed the business dealings of Biden's son, Hunter, with some reports suggesting he held up aid to Ukraine as he demanded the nation undertake an investigation into Biden.

However, what effect the inquiry will have on Trump was unclear given that any impeachment process must be approved by the Republican-dominated Senate.

Spreadex analyst Connor Campbell said: "It appeared on Tuesday that the UK and US were engaged in a bizarre game of one-upmanship, battling over which nation's political mess is the biggest.

"And for investors who like their politics safe and stable, not perpetually on fire, that's a problem."

On the data front, mortgage applications for the week ended 20 September were out at 1200 BST, while new home sales for August are due at 1500 BST.

Chicago Federal Reserve head Charles Evans and Kansas City Fed President Esther George will speak to the press on Wednesday.

In corporate news, KB Home and Worthington Industries will report throughout the course of the day.