Lululemon's downward dog; U.S. GDP; Mexico rate hike?

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1. Downward dog: Shares in sports apparel firm Lululemon (LULU) are under strain in extended trading.

They fell by about 17% after the company predicted its sales would drop this quarter.

The culprit, according to CEO Laurent Potdevin: Its clothes don't pop online. Lululemon will launch more colorful clothes on its website as soon as next week to tackle the problem, he said.

Shares in Swedish retailer H&M (HNNMY) are also slumping by about 4% in Europe as investors express their disappointment with the company's latest earnings. The firm also announced it's launching a new brand called Arket later this year.

2. Stock market overview: It's a ho-hum day for global stock markets. U.S. stock futures are holding around their closing levels from Wednesday afternoon.

European markets are standing on relatively steady ground in early trading. Most Asian markets ended the day with losses, though the drops weren't too dramatic.

This follows a mixed trading session in the U.S. on Wednesday. The Dow Jones industrial average dipped 0.2% while the S&P 500 and Nasdaq made small gains.

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3. Economics: The U.S. Bureau of Economic Analysis is releasing its updated GDP report for the fourth quarter at 8:30 a.m. ET. Economists expect GDP grew by 2.0% in the quarter, up from an earlier estimate of 1.9%.

Mexico's economy is also in focus. The central bank meets to consider raising interest rates one more time.

It has already raised interest rates three times as part of a "contingency plan" to stabilize the crashing peso following President Trump's election. Further action could come when the meeting wraps up at 3 p.m. ET.

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4. Coming this week:

Thursday - Release of updated U.S. GDP for fourth quarter
Friday - Blackberry (BBRY) earnings; Final day of the first quarter of 2017

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