US STOCKS-Futures off as deadlock in Washington, China data weigh
* Some progress, but no clear sign of end to fiscal impasse
* Unexpected drop in exports from China weigh on global equities
* Futures off: Dow 97 pts; S&P 11.3 pts; Nasdaq 12.75 pts
NEW YORK, Oct 14 (Reuters) - U.S. stock index futures fell on Monday as continuous gridlock in Washington was likely to resume selling pressure in equities as there were no guarantees the federal government shutdown was about to end or that a historic debt default would be avoided.
* In the latest out of Washington, Senate Majority Leader Harry Reid and Republican leader Mitch McConnell held talks that Reid later called "substantive". Reid did not provide details, but his remarks gave some hope that Congress soon might pass legislation to fund the government - in shutdown mode since October 1 - and raise its borrowing authority.
* Both the Senate and House are scheduled to be in session on Monday, even though it is the Columbus Day federal holiday. With no economic data and major earnings due on Monday, Washington was at the center of focus for all markets.
* Also pressuring the market, export data in China showed an unexpected decrease in September, marking the weakest performance in three months. Another set of data showed Chinese consumer prices rose faster than expected in September.
* S&P 500 futures fell 11.3 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 fell 97 points and Nasdaq 100 futures lost 12.75 points.
* U.S. stocks had risen strongly ahead of the weekend last week on hopes a deal to raise the $16.7 trillion federal borrowing limit was near. Failure to raise the debt ceiling would leave the world's biggest economy unable to pay its bills in the coming weeks.
* International Monetary Fund chief Christine Lagarde warned of "massive disruption" to the global economy if the U.S. debt ceiling, which will be reached on Thursday, was not lifted. That is when the U.S. Treasury runs out of authority to borrow money.