US futures down ahead of economic data

Futures on major U.S. stock indices point to lower opening on Tuesday, with futures on the S&P 500 down 0.59 percent, futures on the Dow Jones Industrial Average down 0.54 percent and Nasdaq100 futures down 0.75 percent.

Investors are cautious ahead of release of monthly producer price index and industrial production data as well as quarterly results from Wal-Mart Stores Inc.

On Monday, US stocks closed mixed, as euro-zone concerns resurfaced offsetting earlier gains on robust retail sales data. A report that New York regional manufacturing index fell in November for the first time in more than a year also dampened the sentiment.

The Producer Price Index is expected to rise for the fourth straight month to 0.8 percent in October from a 0.4 percent increase last month. Industrial production index is expected to show that activity improved to 0.30 percent in October, after falling for the first time in a year to 0.2 percent in September.

Slew of other economic data including inflation, weekly jobless claims, housing starts, building permits, which are due to release during the week, should provide a better picture for the current economic situation in the world’s largest economy.

On the earnings front, retailers Abercrombie & Fitch, Home Depot, Saks and TJX are set to report their quarterly results on Tuesday.

On the housing front, NAHB Housing Market Index is expected to show a reading of 15.00 for October, compared to the prior month’s 16.00.

The euro edged up 0.03 percent to 1.3592 against the dollar while the greenback strengthened 0.21 percent against the yen.

Crude oil futures declined 0.92 percent to $85.96/barrel and gold futures fell 0.55 percent.

European stock markets are currently trading lower with U.K. FTSE 100 down by 76.04 points, German DAX30 down by 33.02 points and French CAC 40 down by 52.07 points.

Inflation in the U.K. rose during October and continued to remain above the 2 percent target set by the Bank of England, said a report from the U.K. Office for National Statistics. Consumer price index annual inflation was 3.2 percent in October.

Among Asian stocks, China's Shanghai Composite fell 4 percent on speculation that the country may step up measures to control rising prices.