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U.S. stock index futures indicated a lower open Tuesday as investors focused on hefty falls in Europe's banking sector and a new fiscal stimulus package from Japan.
In Europe, stocks were lower, dragged down by banking shares as worries about the health of the region's lenders continued to weigh on sentiment. Italian banks were the worst hit. Shares of BMPS were down nearly 9 percent and briefly suspended from trade.
And Unicredit tanked and was briefly suspended from trade over concerns about its bad loan portfolio with investors worried it will need a larger-than-expected capital raise.
In Asia, the Japanese cabinet approved 13.5 trillion yen ($132.04 billion) in fiscal measures with cash payouts to low-income earners and infrastructure spending. The yen, however, strengthened against the dollar after the announcement.
"(Japanese) PM Abe is moving, with a strong parliamentary majority, to boost economic growth and inflation. In spite of the resounding lack of success thus far, the one major advantage that Japan has over the euro zone is in terms of its political landscape," analysts at Rabobank said in a note.
"With just one government and one centralized fiscal plan, 'Abenomics' may yet prove a success (we reiterate....'may')."
Back in the U.S., stocks closed mixed in choppy trade on Monday, the first day of the month, amid falling oil prices while investors digested economic data.
Investors also digested U.S. economic data, including personal income for June, which rose 0.2 percent. Economists polled by Reuters expected an increase of 0.3 percent. U.S. personal spending rose 0.4 percent.
Investors will also receive new July vehicle sales data.