* China trade surplus lowest in 9 months
* Obama to seek $1.1 trillion in budget cuts over 10 yrs
* Futures down: Dow 1 pt, S&P 1.5 pts, Nasdaq 0.5 pt
By Edward Krudy
NEW YORK, Feb 14 (Reuters) - U.S. stock index futures edged lower on Monday after Wall Street posted two straight weeks of gains that drove indexes to new multi-year highs and some investors worried the market is overextended.
* U.S. stocks ended Friday firmly in positive territory after Egyptian President Hosni Mubarak's resignation fueled buying interest after weeks of protests had unnerved investors worried about the stability of the region.
* Overnight in Asia, China's trade surplus fell to its lowest level in nine months in January as imports surged, helping to lift Asian markets and sending European commodity stocks higher.
* London copper rallied early Monday, while in Shanghai the metal rose 1 percent after a surprise jump in Chinese copper imports and hopes of continued restocking by the world's top metals consumer.
* S&P 500 futures fell 1.5 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 dipped 1 points, and Nasdaq 100 futures lost 0.5 point.
* U.S. President Barack Obama will formally propose a budget on Monday that would cut the U.S. deficit by $1.1 trillion over 10 years, setting the stage for a bitter fight with Republicans who want even tougher spending controls.
* In European equity markets, the FTSEurofirst 300 rose 0.3 percent to a 29-month high early Monday on the Chinese data, with mining stocks among the top gainers.
* U.S. oil prices were little changed to $85.56 a barrel after sinking to a 10-week low last week as tension in the Middle East region eased following Mubarak's resignation.
* General Electric Co, plans to buy the well support division of British energy services firm John Wood Group Plc for about $2.8 billion in the latest move by a largest U.S. conglomerate to boost its presence in oil services.
* Dutch bioscience company Pantarhei intends to bid for the bulk of U.S. company Merck & Co Inc's Netherlands-based bioscience research unit Organan, a Dutch newspaper reported.
* Sanofi-Aventis SA completed a review of takeover target Genzyme Corp, but the two sides continue to discuss a final price for a deal, according to The Wall Street Journal.