U.S. stock index futures sag as world stocks sink

* U.S. stock index futures pointed to a sharply lower open
on Wall Street on Tuesday as mounting economic worries hit
equities worldwide, with futures for the S&P 500 (SPc1: ) down 0.8
percent, Dow Jones (DJc1: ) futures down 0.7 percent and Nasdaq
100 (NDc1: ) futures down 0.9 percent at 0900 GMT.

* European stocks tumbled to a 5-week low in morning trade,
with construction and cement shares taking a beating after Irish
building supplies major CRH (CRH.I: ) warned core earnings would
fall 10 percent this year, signalling rising worries over the
health of the U.S. economy. [ID:nLDE67M1L7]

* Shares were also hammered in Tokyo, where the Nikkei
average hit a 15-month closing low below 9,000 points, with
hedge funds and foreigners seen selling amid mounting concern
about the authorities’ inaction over the strong yen, which
threatens a fragile economic recovery. [.T]

* Oil futures (CLc1: ) dropped 1 percent to a 7-week low
around $72 a barrel, as the U.S. driving season draws to a close
with large stockpiles of gasoline remaining. [O/R]

* At least seven of the 17 top Federal Reserve officials at
the U.S. central bank’s August meeting had reservations about
the decision to buy more Treasuries, the Wall Street Journal
reported on Monday. [ID:nN23224642]

* Media stocks will be eyed after WPP (WPP.L: ), the world’s
largest ad firm by sales, lifted its outlook for the year after
posting a 3.1 percent rise in key organic revenue for the first
seven months on strong growth in the United States and
traditional media, but the firm cautioned that comparatives
would get tougher in the second half. [ID:nLDE67M13O]

* Nokia (NOK1V.HE: ) and chipmaker Intel (INTC.O: ) said on
Tuesday their joint software venture, seen as crucial in helping
Nokia improve its position at the top end of the handset market,
had got off to a solid start.

* Economic data expected for Tuesday includes existing home
sales for July. Wall Street is expecting sales of 4.7 million,
according to Thomson reuters data. On the earnings front,
companies expected to report earnings on Tuesday include
Medtronic Inc (MDT.N: ) and Big Lots Inc (BIG.N: ).

* U.S. stocks (Read more about the stock market today. ) slipped in one of the lightest volume sessions
of the year on Monday, with tech shares weighing on the broad
market as a possible bidding war over data storage company 3PAR
(PAR.N: ) between Hewlett-Packard Co (HPQ.N: ) and Dell Inc (DELL.O: )
sent shares of HP down 2 percent.

* The Dow Jones industrial average (.DJI: ) slipped 39.21
points, or 0.38 percent, to 10,174.41. The Standard & Poor’s 500
Index (.SPX: ) lost 4.33 points, or 0.40 percent, to 1,067.36. The
Nasdaq Composite Index (.IXIC: ) fell 20.13 points, or 0.92
percent, to 2,159.63.
(Reporting by Blaise Robinson; editing by Simon Jessop)

U.S. stock index futures sag as world stocks sink