Stock futures pointed to a sharply lower open for equities on Wall Street on Monday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 down 1.1 to 1.4 percent.
The Republican and Democratic leaders of a 12-member congressional super committee are set to declare defeat in their attempt to find at least $1.2 trillion in budget savings over 10 years after three months of talks failed to bridge deep divides over taxes and spending.
The Federal Reserve Bank of Chicago releases at 1330 its Chicago Fed National Activity Index for October. The index read -0.22 in the prior month.
National Association of Realtors (NAR) will release at 1500 GMT existing home sales for October. Economists forecast a 4.8 million annualized unit total in October versus 4.91 million annualized units in September.
On the earnings front, companies announcing results include Hewlett-Packard
Chinese Vice-Premier Wang Qishan warned on Monday the global economy was in a grim state and that an unbalanced recovery might be the best option, at talks where senior U.S. officials said the mood at home toward China was souring.
U.S. property and casualty insurer Alleghany Corp
U.S. oil company Chevron
British publishing group Pearson
Tobacco giant Philip Morris
Private equity firm Blackstone Group
Australia's government is set to pass laws for its 30 percent mining profits tax later this week after agreeing to lift the starting threshold and promising more scrutiny of coal seam gas projects in a deal to win support from three key independents.
European stocks extended their losses on Monday after Moody's Investors Service's warning on France added to worries about the euro zone debt crisis. The FTSEurofirst 300 <.FTEU3> index was down 2 percent.
In Spain, Prime Minister elect Mariano Rajoy was under pressure on Monday to give rapid details of his policies to overcome the worst economic crisis for generations, after his center-right party won the country's biggest election victory in 30 years.
On Friday, the Dow Jones industrial average <.DJI> gained 25.43 points, or 0.22 percent, to 11,796.16. The S&P 500 <.SPX> dipped 0.48 point, or 0.04 percent, to 1,215.65. The Nasdaq Composite <.IXIC> lost 15.49 points, or 0.6 percent, to 2,572.50.
(Reporting by Atul Prakash; Editing by Will Waterman)