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Stocks to open lower on global growth fears

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Posted at 6:39 AM, Oct 08, 2012
and last updated 2012-10-08 06:40:40-04

By CNNMoney Staff

NEW YORK (CNNMoney) — U.S. stock futures point to a lower open as global growth concerns keep investors in check.

On Monday, the World Bank lowered its outlook for economic growth in Asia, from the 7.6% estimate it made in May to 7.2%. It also warned that worsening conditions in Europe could knock off 2% from Asia’s GDP growth next year.

Asian markets ended lower. The Shanghai Composite fell 0.6% and the Hang Seng in Hong Kong dropped 0.9%. Markets in Japan were closed for holiday.

European stocks were mostly lower in morning trading as well. Britain’s FTSE 100 was flat, the DAX in Germany dropped 1.4% and France’s CAC 40 fell 1.2%.

In the United States, trading could be quiet Monday, with no major corporate or economic reports on tap. Additionally, U.S. Treasury markets are closed for Columbus Day with many investors likely taking off for the holiday.

Corporate results for the third quarter will begin in earnest later in the week, with reports due from Alcoa, Costco, JPMorgan andWells Fargo.

U.S. stocks ended mixed Friday despite a better-than-expected report on the U.S. job market.

Currencies and commodities: The dollar rose against the euro and British pound, but fell versus the Japanese yen.

Oil for November delivery fell $1.02 to $88.86 a barrel.

Gold futures for December delivery fell $9.60 to $1,771.20 an ounce.