* S&P futures little moved after Friday's plunge * New home sales data eyed after a rise in existing homes * Fed seen cutting rates by 50 bps, but impact may be small By Rika Otsuka TOKYO, Oct 27 (Reuters) - U.S. Treasuries were barely changed in Asia on Monday as investors sat on their hands ahead of a string of important economic events later this week, including a Federal Reserve meeting and third-quarter growth data. Investors awaited figures on September new home sales due later in the day after government data showed on Friday the pace of existing home sales rose sharply in the same month to log the first year-over-year increase in nearly three years. [ID:nN24365550] "The existing home sales data surprised investors," said Yasutoshi Nagai, senior economist at Daiwa Securities SMBC. "If data also shows an increase in new home sales, it would help stocks while hurting Treasuries." Figures on sales of new homes in September are expected to be near August levels. Other highlights of the economic data calendar this week include October consumer confidence on Tuesday, September durable good orders on Wednesday and the first reading on third-quarter growth data on Thursday. The benchmark 10-year Treasury note dipped 2/32 in price to yield 3.69 precent, up 1 basis point from late U.S. trade on Friday. The two-year note was unchanged in price to yield 1.50 percent. The 30-year yield dropped 9/32 in price to yield 4.07 percent, up 2 basis points. Traders said some investors booked profits after the 30-year yield on Friday fell to hit a 45-year low of about 3.88 percent . Treasuries slipped earlier in the day as Tokyo's Nikkei share average at one point rose over 2 percent, recovering from a 26-year low struck in early Asian trade. S&P 500 index futures SPc1 were down 0.4 percent. Analysts said share prices would remain the biggest moving factor for the Treasuries this week, overshadowing an expected interest rate cut by the Federal Reserve. The Fed has basically lost some control over its target rate because its massive provisions of liquidity have often pushed the effective fed funds rate well below its target. A change in the Fed's funds target this week will have little or no impact on economic conditions, said analysts at Wrightson ICAP in a note to clients. It is mainly force of habit that has market participants debating the question of whether the Fed will move by 25 or 50 basis points, they said. The majority of traders now bet the Fed will lower its 1.5 percent benchmark rate to 1.0 percent at an two-day policy meeting starting the following day. FEDWATCH (Editing by Chris Gallagher)

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