S&P 500 futures off on doubt over Italy bond deal 13 Sep 11

Traders work on the floor of the New York Stock Exchange (NYSE) September 12, 2011.

NEW YORK | Tue Sep 13, 2011 7:55am EDT

(Reuters) – Stock index futures fell on Tuesday after reports cast doubt on a possible deal for China to buy Italian debt, heightening concerns about the fiscal crisis in Europe.

* Wall Street ended higher on Monday, bouncing back after reports that Italy’s finance minister met with a delegation of Chinese officials to discuss buying Italian bonds. But another report later said Beijing may not buy the debt due to unstable European bond markets.

* European shares hit a fresh two-year low for the second straight session then rose to near break-even.

* At 8:30 a.m. EDT, the Labor Department releases import-export prices for August. Economists forecast a 0.8 percent drop in import prices and a flat reading in export prices. In the prior month, import prices rose 0.3 percent and export prices dropped 0.4 percent.

* At 2 p.m. EDT, the Treasury Department issues monthly budget data for August. Economists forecast a $132.0 billion deficit rising from $129.4 billion in July.

* Hewlett-Packard Co (HPQ.N) extended the deadline for its $11.2 billion takeover offer for British software company Autonomy Corp Plc (AUTN.L) after gaining acceptances from only 41.6 percent of shareholders.

* Conglomerate General Electric Co (GE.N) hopes to double its business in Germany in five years, a GE executive told the Wall Street Journal.

* S&P 500 futures fell 7.8 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 were off 94 points, and Nasdaq 100 futures dipped 6.5 points.

* ICSC/Goldman Sachs chain store sales for the week ended September 10 is due at 7:45 a.m. EDT. In the previous week, sales fell 0.7 percent.

* Redbook releases its retail sales index of department and chain store sales for September versus August at 8:55 a.m. EDT. In the prior period, sales rose 0.4 percent.

* Blackstone Group LP’s (BX.N) former top Asia dealmaker is leaving the firm and returning to New York, sources said.

* In earnings news, Best Buy Co Inc (BBY.N) is scheduled to announce quarterly results.