Investing.com - U.S. stock futures pointed to a lower open on Monday, as renewed concerns over the handling of Italy's financial crisis weighed broadly on market sentiment.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.14% loss, S&P 500 futures signaled a 0.14% decline, while the Nasdaq 100 futures indicated a 0.16% fall.
Investors remained cautious after Mario Monti announced that he will resign as soon as he has passed a key budget law, as members of former Prime Minister Silvio Berlusconi’s party withdrew their support for the government.
Markets were also jittery after Germany’s Bundesbank cut its forecast for growth on Friday and warned that the economy could enter a recession as a result of the debt crisis.
Separately, data showed that China's trade surplus narrowed more-than-expected in November, sparking fresh concerns over the perspective for growth in the world's second largest economy.
Auto stocks were expected to be active, as Opel, the ailing European brand belonging to General Motors, said it plans to end vehicle production in 2016 at its acutely endangered Bochum plant in Germany.
Airline companies were also likely to be in focus, amid reports Virgin Atlantic and Delta Air Lines will agree on a partnership on transatlantic flights once the U.S. carrier seals a deal to buy Singapore Airlines' 49% stake in the British airline.
Elsewhere in company news, Ingersoll-Rand was expected to announce later Monday that it will spin off its security division, as the industrial conglomerate cedes to pressure from activist investor Nelson Peltz to unlock more shareholder value.
In the insurance sector, American International Group was expected to sell nearly all of ILFC, the world's second-largest airplane leasing business, to a Chinese consortium for up to USD4.8 billion, giving the fastest growing aviation market easier and cheaper access to planes.
Separately, AIC said Hurricane Sandy will cost the company about USD1.3 billion.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 dropped 0.98%, France’s CAC 40 declined 0.61%, Germany's DAX retreated 0.53%, while Britain's FTSE 100 slipped 0.26%.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.39%, while Japan’s Nikkei 225 Index inched 0.07%.