Wall Street stock futures fell Tuesday, tracking declines in Europe and Asia as investor enthusiasm regarding a stimulus plan in China gave way to worries about the health of the global economy.

Due to the Remembrance Day and Veterans Day holidays there are no major Canadian or U.S. economic releases.

The Canadian dollar opened at US83.75¢, up 0.17 cent from Monday.

In earnings news, Starbucks reported a fourth-quarter miss on earnings after Monday’s close, with net income falling 97%.

U.S. luxury home builder Toll Brothers said fourth-quarter home building revenue dropped 41% and it didn’t give guidance for the coming year.

Canadian retailer Rona Inc. said third-quarter net earnings totalled $53.4 million, or $0.46 per share, compared with $59.4 million, or $0.51 per share, in 2007.

CI Financial is due to report earnings Tuesday.

In financial news, American Express won approval to become a bank-holding company, helping the credit-card giant gain access to a chunk of the US$700 billion in U.S. federal funds being pumped into financial firms.

In commodities news, oil futures fell US$1.65 to US$60.76 a barrel and gold futures lost US$5.90 to US$740.60 an ounce.

European markets were all down around 2% or more in midday trading.

The FTSE 100 index was down 2.8% early in the afternoon in London, while the German DAX fell 3.1% and the Paris CAC-40 lost three%.

In Asia, Tokyo’s Nikkei shed 3%, while the Hang Seng benchmark in Hong Kong lost 4.8% and the Shanghai composite declined 1.7%.

The losses in Asia contrast with big gains Monday on news of China’s US$586 billion stimulus package.

Higher commodity prices and an economic stimulus package unveiled in China helped stocks in Toronto kick off the week with a boost.

The S&P/TSX composite index rose 92.59 points, or 0.96%, to close at 9,688.80 on Monday.

There were also declines for junior companies in Toronto. The S&P/TSX Venture composite index slipped 7.86 points, or 0.85% to 914.02.

In New York, the Dow Jones industrial average closed at 8,870.54, down 73.27 points, or 0.8%.

The S&P 500 index shed 11.78 points, or 1.3%, to end at 919.21. The Nasdaq composite index closed at 1,616.74, down 30.66 points, or 1.9%.

IE