NEW YORK ( TheStreet) -- Stock futures pointed to a weaker open Friday following a decline in global markets as
investors feared China would increase interest rates to cool its fast-growing economy. Futures for the Dow Jones Industrial Average were down by 56 points, or 61 points below fair value, at 11,186. Futures for the S&P 500 were 9 points lower, or 9 points below fair value, at 1203. Nasdaq futures were down by 16 points, or 14 points below fair value. Stocks retreated Thursday after a weaker-than-expected sales outlook from Cisco ( CSCO - Get Report) prompted investors to sell off tech stocks and Irish bonds were pressured by concerns about the country's debt level. On Thursday, China said its consumer price index rose 4.4% year over year in October, bringing average inflation for the year to 3% -- the government's target. That has increased the likelihood that the country will enact measures to slow economic growth. Speculation about the Chinese rate hike weighed on metals prices -- particularly copper -- and hit the shares of related equities. Ahead of Friday's opening bell, Freeport-McMoRan Copper & Gold ( FCX - Get Report) was down 2.9% to $104.88, Southern Copper ( SCCO - Get Report) was off by 3% to $45.32 and Newmont Mining ( NEM - Get Report) was down 2.4% to $61.50. In commodity markets, the January crude oil contract was down by $1.87, to trade at $85.94 a barrel. The December gold contract was down by $19.12 to $1,384.10 an ounce. Leaders of the world's major economies wouldn't agree to back the U.S. in an effort to get China to let its currency rise at the end of the two-day G20 summit in Seoul, South Korea. Hong Kong's Hang Seng shed 1.9% and Japan's Nikkei lost 1.4% on Friday. The FTSE in London was down by 0.3% and the DAX in Frankfurt was off by 0.2%. At 9:55 a.m. EST, the University of Michigan's releases its November consumer sentiment index. Economists expect the index to hit 69, up from October's reading of 67.7.