Futures lower after weak China economic data

Tue Dec 8, 2015 7:28am EST
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By Tanya Agrawal

(Reuters) - U.S. stock index futures were lower on Tuesday as oil prices steadied but remained close to their 7-year low and weak trade data out of China reignited fears of a global economic slowdown.

* Data showed China's imports fell for the 13th consecutive month with an 8.7 percent decline in November compared with a year earlier.

* Crude prices steadied but global oversupply, compounded by the OPEC's decision to keep output high, led analysts to predict further weakness. [O/R]

* The weak China data comes just ahead of the U.S. Federal Reserve's meeting on Dec. 15-16, when the central bank is expected to raise interest rates for the first time since June 2006.

* Still, federal funds futures contracts FFcm1 imply an 80 percent chance that the Fed will end seven years of near-zero interest rates.

* U.S. stocks fell on Monday, led by the S&P energy index's biggest one-day percentage drop since late August.

* Chipotle Mexican Grill (CMG.N: Quote) shares fell 5.6 percent to $521 in premarket trading after 30 Boston College students fell ill after eating at the company's restaurant over the weekend.

* Norfolk Southern (NSC.N: Quote) was down 2.2 percent at $93.50 after the Wall Street Journal reported that Canadian Pacific Railway CP.TO is expected to revise deal terms for its acquisition of the company.   Continued...

Traders work on the floor of the New York Stock Exchange September 17, 2015. REUTERS/Brendan McDermid