PARIS Reuters Stock index futures pointed to a sharply lower open on Wall Street on Tuesday as mounting economic worries hit equities worldwide, with futures for the S&P 500 down 0.8 percent, Dow Jones futures down 0.7 percent and Nasdaq 100 futures down 0.9 percent at 0900 GMT 5 a.m. EDT.
European stocks tumbled to a 5-week low in morning trade, with construction and cement shares taking a beating after Irish building supplies major CRH CRH.I warned core earnings would fall 10 percent this year, signaling rising worries over the health of the U.S. economy.
Shares were also hammered in Tokyo, where the Nikkei average hit a 15-month closing low below 9,000 points, with hedge funds and foreigners seen selling amid mounting concern about the authorities inaction over the strong yen, which threatens a fragile economic recovery. .T
Oil futures dropped 1 percent to a 7-week low around $72 a barrel, as the U.S. driving season draws to a close with large stockpiles of gasoline remaining.
At least seven of the 17 top Federal Reserve officials at the U.S. central banks August meeting had reservations about the decision to buy more Treasuries, the Wall Street Journal reported on Monday.
Media stocks will be eyed after WPP WPP.L, the worlds largest ad firm by sales, lifted its outlook for the year after posting a 3.1 percent rise in key organic revenue for the first seven months on strong growth in the United States and traditional media, but the firm cautioned that comparatives would get tougher in the second half.
Nokia NOK1V.HE and chipmaker Intel INTC.O said on Tuesday their joint software venture, seen as crucial in helping Nokia improve its position at the top end of the handset market, had got off to a solid start.
Economic data expected for Tuesday includes existing home sales for July. Wall Street is expecting sales of 4.7 million, according to Thomson Reuters data. On the earnings front, companies expected to report earnings on Tuesday include Medtronic Inc MDT.N and Big Lots Inc BIG.N.
U.S. stocks slipped in one of the lightest volume sessions of the year on Monday, with tech shares weighing on the broad market as a possible bidding war over data storage company 3PAR PAR.N between Hewlett-Packard Co HPQ.N and Dell Inc DELL.O sent shares of HP down 2 percent.
The Dow Jones industrial average .DJI slipped 39.21 points, or 0.38 percent, to 10,174.41. The Standard & Poors 500 Index .SPX lost 4.33 points, or 0.40 percent, to 1,067.36. The Nasdaq Composite Index .IXIC fell 20.13 points, or 0.92 percent, to 2,159.63.
Reporting by Blaise Robinson; editing by Simon Jessop
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