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Futures Slide After Weak Chinese Report

U.S stock index futures were lower Monday following weaker-than-expected Chinese trade export news and after stocks surged to multiyear highs in the previous week.

China reported disappointing export and import data for August. Exports grew by 2.7 percent year-on-year, while imports fell by 2.6 percent on the year.

Last week, global shares surged after the ECB confirmed it will purchases bonds of struggling euro zone countries to bring down their borrowing costs.

Positive sentiment on the news continued into Friday’s session, but U.S. stocks zigzagged after a dismal August jobs report added ballast to slowdown fears, but raised hopes the Federal Reserve will enact further stimulus measures when it meets on Wednesday and Thursday this week. (Read More: Markets Crave Stimulus—Will the Fed Give Them Their Fix?)

AIG declined after the Treasury Department said it will sell most of its stake in the insurer, making the government a minority investor for the first time since it rescued the company nearly four years ago.

BP said it will sell some of its deep-water Gulf of Mexico oil and gas properties to Plains Exploration & Production in a deal worth $5.6 billion.

Meanwhile, Transocean said it is selling 38 of its shallow-water rigs to Shelf Drilling International for about $855 million.

European shares fell as investors remained cautious ahead of the Dutch elections on Wednesday and the German Constitutional Court meeting with the troika of international lenders (the ECB, the European Commission and the International Monetary Fund) to discuss the legality of the permanent euro zone bailout fund.

Macroeconomic data out of the U.S. on Monday includes the Federal Reserve’s consumer credit report for July, due at 3 p.m. New York time. Economists polled by Briefing.com forecast a $10 billion gain, a rise on June’s $6.5 billion increase.

By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

MONDAY: Consumer credit, Annie's shareholder mtg
TUESDAY: NFIB small business optimism index, McDonald's August sales, international trade, 3-yr note auction, Intel developers forum
WEDNESDAY: Weekly mortgage apps, import & export prices, wholesale trade, oil inventories, 10-yr note auction, crop outlook report, Apple iPhone 5 event, FOMC meeting begins
THURSDAY: Jobless claims, PPI, 30-yr bond auction, FOMC mtg announcement, FOMC forecasts, Bernanke press conference; Earnings from Pier 1 Imports
FRIDAY: CPI, retail sales, industrial production, consumer sentiment, business inventories, FDA decision on Truvia

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