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) 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) was down 2.9% to $104.88, Southern Copper ( SCCO) was off by 3% to $45.32 and Newmont Mining ( NEM) 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.