* Switzerland sets new rules for Credit Suisse, UBS
* Microsoft lower after Goldman downgrade
* Sanofi launches Genzyme bid
* Futures down: Dow 38 pts, S&P 4.1 pts, Nasdaq 7.25 pts
By Ryan Vlastelica
NEW YORK, Oct 4 (Reuters) - U.S. stock index futures pointed to a modestly lower open on Monday after a ratings downgrade weighed on Microsoft and new Swiss banking rules raised fears of smaller bank profits ahead of a new round of U.S. data.
Swiss regulators will require global banks UBS AG and Credit Suisse to hold more top-quality capital, setting stricter rules than recently proposed international standards and potentially crimping the banks' competitiveness in investment banking.
The FTSEurofirst 300 index of top shares was down 0.4 percent, though U.S.-listed shares of Credit Suisse and UBS were little changed in premarket trading.
Concerns about Europe's banking system have been a headwind for U.S. stocks in recent months, even as some improving domestic data eased concerns over a possible double-dip recession. The S&P 500 recently finished its best quarter in a year, though the index has struggled to break out of the 1,130-1,150 range.
"It's clear that Europe's credit problems are being taken seriously, but capital constraints are going to eat away at bank profits," said James Meyer, chief investment officer at Tower Bridge Advisers in West Conshohocken, Pennsylvania.
Meyer added that issues surrounding the international regulations, called Basel III, "are going to be a hurdle for a lot of European financials."
Microsoft Corp fell 1.6 percent to $23.98 in premarket trading after Goldman Sachs downgraded the Dow component to "neutral" citing competition from tablet computers.
S&P 500 futures dipped 4.1 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 fell 38 points, and Nasdaq 100 futures lost 7.25 points.
Monday's economic data includes pending home sales, durable good orders and factory orders, all for August. Home sales are seen rising 3 percent after rising 5.2 percent in the previous month. The closely watched non-farm payrolls report for September will be released on Friday and will offer insight into the labor market, which continues to be an economic headwind.
French drugmaker Sanofi-Aventis SA launched a hostile bid for Genzyme Corp at $69 per share, taking its offer directly to shareholders after the biotechnology company refused to negotiate. Genzyme shares rose 0.3 percent to $71.10 before the bell.
In other deal news, Actel Corp surged 31 percent to $21 after Microsemi Corp said it would buy the integrated circuit manufacturer. GTSI Corp tumbled 44 percent to $4.04 after Eyak Technology withdrew an offer to buy the company. and
While no S&P 500 companies are on tap to release results on Monday, this week marks the unofficial start of the third-quarter reporting season, with Alcoa Inc due on Thursday. Micron Technology Inc, PepsiCo Inc and Monsanto Co are all set to report this week.
Wall Street extended a rally on Friday, led by gains in natural resource stocks after data in China showed a pickup in manufacturing activity.