Futures Flat Amid Euro Zone Recession Fears

U.S. stock index futures pointed to a lower open for Wall Street on Monday as a European manufacturing data showed the slowdown spreading to the core of the euro zone sending European stocks lower.

Upbeat manufacturing data from China had earlier eased investor concerns of a hard landing in the world’s second largest economy.

Data released on Sunday showed China’s Purchasing Managers’ Index jumped to an 11-month high of 53.1 in March, up from 51 in February. Asia and European shares both rose in early trade on Monday on the news but European shares fell in the red as manufacturing in the euro zone shrank for the eight consecutive month in March.

On the U.S. macroeconomic front, the Institute for Supply Management will release data for March’s manufacturing index at 10 a.m. New York time. Economists polled by Briefing.com expect a reading of 53.0, up from 52.4 in February.

Monthly construction spending data will also be released at 10 a.m. on Monday. Economists polled by Briefing.com forecast construction spending rose by 0.5 percent in February, against a 0.1 percent fall in January.

U.S. stocks closed out their strongest quarter in 14 years, with the S&P 500 posting a gain of 12 percent, thanks to gains in financials and techs.

On the M&A front, beauty company Coty launched a $10 billion bid for Avon , the struggling mail-order cosmestics company. But Avon rejected the offer, saying it undervalued the company, but investors bid up shares by more than 20 percent in premarket trading.

And Express Scripts gained after the pharmacy benefit management service provider said it completed its $29.1 billion purchase of Medco Health .

Goldman Sachs was reported to be mulling setting up a $3 billion fund to provide loans to property investors that would target riskier, but higher-yielding investments.

Apple's supplier Foxconn pledged on Sunday to keep increasing salaries at its Chinese factories and cutting the hours of work.

Groupon tumbled after the daily-deals site reduced its revenue for the fourth quarter due to customer returns.

Federal Reserve hawk Minneapolis Fed President Narayana Kocherlakota said on Saturday that inflation in the U.S. was likely to be above the 2 percent target next year.

No major earning releases are scheduled for Monday.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

MONDAY: ISM mfg index, construction spending, Fed's Bullard speaks, Fed's Pianalto speaks
TUESDAY: Factory orders, FOMC minutes, Fed's Williams speaks, auto sales, DC/Maryland/Wisconsin primaries
WEDNESDAY: Weekly mortgage apps, Challenger job-cut report, ADP employment report, ISM non-mfg index, oil inventories, Fed's Williams speaks, JPMorgan's annual letter to shareholders released; Earnings from Monsanto, Bed Bath & Beyond
THURSDAY: Jobless claims, Fed's Bullard speaks, chain-store sales, Yahoo board members' 1st day; Earnings from CarMax
FRIDAY: Good Friday—markets closed/banks open, non-farm payrolls, consumer credit

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