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Shares to Open Lower; Moody’s Warns on EU

US stock index futures pointed to a lower open Monday as Moody's Investors Service said it still expects to review its ratings on all European Union sovereign credit in the first quarter of next year.

The ratings agency said that last week's agreement by European policymakers offered few new measures to resolve the region's debt crisis.

Twenty-six of the 27 European Union leaders on Friday agreed to pursue stricter budget rules for the single currency area and also to have euro zone states and others provide up to 200 billion euros ($267 billion) in bilateral loans to the International Monetary Fund (IMF) to help tackle the crisis.

"In substance, however, the communique offers few new measures, and does not change our view that risks to the cohesion of the euro area continue to rise," Moody's said in its weekly credit report.

In company news, Onyx Pharmaceuticals shares tumbled nearly 10 percent in premarket trading after the Food and Drug Administration said it would not place the firm's application for approval of myeloma drug, known as c-mib, on priority review.

Canaccord Genuity and BMO both lowered price targets for Onyx.

European shares fell 1.3 percent on Monday as euphoria over a European Union deal on deeper economic integration faded, weighed by concerns over politicians' response to the debt crisis in the short-term and the likely impact of austerity measures on economic growth.

Elsewhere Abu Dhabi's Etihad Airways said in a statement on Monday it will buy 12 planes from Boeing including 10 787-9 Dreamliners, in a deal valued at $2.8 billion at current list prices. Boeing shares slipped 1.5 percent premarket, even though Morgan Stanley upgraded the stock to overweight.

ConocoPhillips has made a gas find in the southern North Sea near BP's Ula oil and gas field, the Norwegian Petroleum Directorate said on Monday, but more tests are needed to see if the shallow-water discovery is worth developing.

Intel shares slipped in premarket trading after UBS lowered its view on the company for the first quarter in 2012.

Meanwhile, struggling telecom network equipment maker Nokia Siemens Networks has agreed to sell its fixed line Broadband Access business unit to U.S. firm Adtran as part of a revamp of its operations.

Economic data out of Monday is limited to monthly budget data for November from the US Treasury Department published at 1:00pm. Economists polled by Reuters forecast a $139.0 billion deficit, compared with a budget deficit of $98.47 billion in October.