Futures mixed after more signs of slowing in Asia

NEW YORK (AP) ? Stock futures were mixed Monday after a report from Japan showing slower-than-expected economic growth.

There had been hopes that China would roll out stimulus measures over the weekend after Beijing released terrible industrial and retail numbers Friday. That did not happen.

Dow Jones industrial futures fell 15 points to 13,157 and the broader S&P futures slipped 1.1 points to 1,401.30. Nasdaq futures were flat at 2,721.50.

Japan's economy grew at a slower-than-expected annualized rate of 1.4 percent in April-June, which cooled futures in the U.S. with no economic indicators or major corporate earnings at home to consider Monday.

Japan's exporters are under duress as the debt crisis in Europe cuts into sales. Economists are already talking about the possibility of action from Japan's central bank.

Central banks globally have been hesitant, however, to get involved with the economy on what may be the cusp of a rebound. At the same time, banks are paying close attention to the effect of an achingly slow recovery on businesses and consumers.

China revealed Friday that export growth in July plunged to just 1 percent from 11.3 percent as recently as the prior month. That was well below forecasts of about 5 percent and there were some hopes that Beijing in would act immediately.

By the end of trading Monday, with no action apparent, Hong Kong's Hang Seng fell 0.3 percent. Japan's Nikkei 225 fell marginally to close at 8,885.15.

The lack of growth globally is pushing U.S. corporations to cut costs to offset the slow growth, or decline, in net income.

Google said Monday that it will cut about 4,000 jobs at its Motorola Mobility wireless phone business and will close or consolidate about one-third of Motorola's 90 locations. Sears is preparing to spin off its Hometown and Outlet stores as well as some hardware stores into a separate publicly traded company.

The news sent the company's stock up $2.58, or 5 percent, to $54 in premarket trading Monday.

FedEx will soon begin offering buyouts to U.S. employees in an effort to cut costs, it said Monday. The world's second largest package delivery company has been forced to cut costs as well and has already removed some aircraft from its fleet of more than 600 to account for a loss of demand.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-08-13-US-Wall-Street/id-64a4c67a851d4bdc844b28eee60012d2

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