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US STOCKS-Futures off on euro zone worries, data eyed

Published 11/30/2010, 07:36 AM
Updated 11/30/2010, 07:40 AM

* Euro hits 10-week low

* Home prices, consumer confidence data on tap

* Futures down: Dow 39 pts; S&P 5.8 pts, Nasdaq 14.25 pts

NEW YORK, Nov 30 (Reuters) - U.S. stock index futures were lower on Tuesday as worries persisted over euro zone debt and ahead of key data that will indicate the strength of a recovery in the world's largest economy.

* The euro slid to 10-week lows against the U.S. dollar, pressuring metals and other commodity prices, after a weekend rescue package for Ireland did little to stem fiscal concerns and speculators targeted other debt-laden countries. For details, see and

* The correlation between the euro and stocks has become more pronounced in recent weeks as the European debt problems resurfaced, with traders selling the euro and stocks together.

* House prices and consumer confidence data will be in focus as investors look for more signs the U.S. economic recovery advances.

* S&P 500 futures fell 5.8 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 39 points and Nasdaq 100 futures lost 14.25 points.

* Data due Tuesday is expected to show home prices fell in September compared to August, while the year-on-year increase is forecast to show a deceleration in price gains.

* The S&P/Case-Shiller Home Price Indices, due at 9 a.m. EST (1400 GMT), is expected to show a 1.1 percent rise from a year ago, slower than the 1.7 percent gain the previous month.

* The Conference Board's index of consumer confidence for November, due at 10 a.m. (1500 GMT), is expected to show a mild improvement, with economists forecasting a rise to 52.6, from 50.2 in October.

* Swiss engineering group ABB will buy U.S. industrial motors firm Baldor Electric Co for $3.1 billion, a 41 percent premium to Baldor's closing price on Monday.

* U.S. stocks fell on Monday but finished well off their lows of the day as the dollar retraced earlier gains and energy and financial stocks rallied late in the session.

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