* Wal-Mart, Home Depot quarterly earnings top estimates
* China fears pressure commods, Ireland still in focus
* Futures off: Dow 62 pts, S&P 6.6 pts, Nasdaq 15.75 pts (Adds quote, updates prices)
By Ryan Vlastelica
NEW YORK, Nov 16 (Reuters) - U.S. stock index futures fell on Tuesday on continued concerns over inflation risks in China and sovereign debt woes in Europe.
Chinese shares sank to a one-month low on reports that China will unveil food price controls and crack down on speculation in agricultural commodities to contain inflationary pressure.
Crude oil lost 1.3 percent and gold fell to near its lowest point in nearly two weeks, while the U.S. dollar ticked modestly higher.
Shares in Europe fell 1.2 percent ahead of a meeting of euro zone finance ministers, who will try to find a way to end Ireland's debt crisis but Dublin resisted pressure to seek a bailout.
"There's a global concern that if Ireland needs aid, it could become a domino effect with other countries," said Cort Gwon, director of trading strategies and research at FBN Securities in New York.
"Especially at such a sensitive time in the economy, to have a setback in Europe could mean a setback for the rest of the world, too."
Dow component Wal-Mart Stores Inc posted higher quarterly profit and raised its earnings forecast, but U.S. same-store sales declined. The stock was up 1 percent to $54.50 in light premarket action.
Home Depot Inc reported third-quarter earnings and revenue that topped expectations. The Dow component also raised its full-year profit view but cut its sales growth outlook. Shares slid 9 cents to $31.30 before the bell.
"Wal-Mart's raised estimates shows that the consumer is still spending, which should lead to a stronger holiday season and definitely help the economy," Gwon said. "But Home Depot's cut sales outlook shows that with consumers focused on issues like health care and taxes, there are some things they won't spend as much on."
Abercrombie & Fitch Co posted a third-quarter that topped expectations in a positive sign going into the holiday shopping season. TJX Cos Inc is also on tap to report later.
S&P 500 futures fell 6.6 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 sank 62 points, and Nasdaq 100 futures lost 15.75 points.
Economic data due later Tuesday include the producer price index for October, industrial production for October and the National Association of Home Builders (NAHB) survey for November. Core producer prices were seen up 2.1 percent, compared with 1.6 percent last month, while industrial output was forecast to rise 0.3 percent versus a fall of 0.2 percent last month, and the NAHB survey was seen at 17, compared with 16 last month.
U.S. tax authorities withdrew a summons against UBS AG aimed at getting data on the bank's U.S. clients, the Swiss government said, ending a dispute that had threatened to bring the bank down. U.S.-listed UBS shares closed Monday at $17.10.
A day after Caterpillar Inc announced a huge acquisition proposal, Raymond James upgraded the stock to "outperform" from "market perform." The Dow component closed at $81.82 on Monday.
U.S. stocks slipped Monday as concerns that the U.S. Federal Reserve may scale back efforts to stimulate the economy muted optimism over takeover activity.