from Reuters:
Stock index futures pointed to a lower open on Friday after weak European economic data fanned concerns about the depth of the global recession and UBS cut its rating on global equities.Investors were also cautious ahead of a slew of economic data, including a report on consumer inflation, a consumer sentiment survey, a report on manufacturing activity in New York state, and industrial output numbers.
Europe sank to what may be the recession's low point in the first quarter as gross domestic product fell 2.5 percent from the last quarter of 2008, both in the euro zone and the broader European Union block.
Investors unloaded riskier assets, like stocks, as the data added to concerns about the global economy and as UBS lowered its rating on global stocks to "neutral" from "overweight," citing the economy.
S&P 500 futures fell 4.9 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 shed 35 points, while Nasdaq 100 futures were off 9.50 points.
