NEW YORK (TheStreet) -- U.S. stock futures were pointing to a lower open for Wall Street on Monday amid another dismal forecast for global growth.
The International Monetary Fund on Tuesday said advanced economies are at risk of recession and that the world economy will expand 3.3% in 2012, down from a prior estimate of 3.5% growth. On Monday, the World Bank cut its growth forecasts for Asia.
European shares were trading lower while Asian stocks ended Tuesday's session mixed. Japan's Nikkei 225 index declined 1.1% to 8,769.59.
The economic calendar in the U.S. Tuesday is headlined by the National Federation of Independent Business small business sentiment survey for September at 7 a.m. EDT. The calendar also includes the ICSC-Goldman Sachs weekly chain-store index at 7:45 a.m., and Johnson Redbook's weekly index around 9 a.m.
U.S. stocks on Monday fell with investors ill at ease about the possible outcome of a two-day meeting between European finance ministers and the World Bank's downgrade of China and East Asia's growth prospects. The Dow Jones Industrial Average shed nearly 27 points, or 0.19%, to close at 13,584.
German Chancellor Angela Merkel makes her first visit on Tuesday to Greece since the eurozone crisis began in the country three years ago. Germany and Merkel are blamed by many Greeks for the tough austerity measures that have been put in place in Greece. Police have banned protests in central Athens.
Alcoa (AA), the first component of the Dow to report each quarter, is expected by analysts after Tuesday's closing bell to post third-quarter earnings at breakeven on a per-share basis. Revenue for the aluminum maker is expected at $5.57 billion.
Yum! Brands (YUM), the owner of Pizza Hut, Taco Bell and KFC, is expected by analysts to post quarterly earnings of 97 cents a share on revenue of $3.66 billion.
Reports are also expected Tuesday from Adtran (ADTN) and EXFO (EXFO).
Edwards Lifesciences (EW), the heart valve maker, provided a weak outlook for the third quarter on Monday, citing the impact of austerity measures in Europe and other factors.
-- Written by Joseph Woelfel
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