By Ellis Mnyandu NEW YORK, Nov 11 (Reuters) - U.S. stocks headed for a sharply lower open on Tuesday on concerns that the global economic downturn is deepening. The diminishing appetite for riskier assets sent stocks sliding across Asia overnight, to be followed by losses in Europe of 2 percent or more. In the latest sign of the fallout from the economic upheaval, Chinese import growth slowed in October and inflation fell to a 17-month low as demand cooled. For details, see [ID:nSP418906] On the corporate front, Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) cut its plans for new international coffee shops and effectively cut its 2009 forecast after posting a steeper-than-expected slide in fourth-quarter profit. [ID:nN10473608] Additionally, aluminum producer Alcoa Inc (AA.N: Quote, Profile, Research, Stock Buzz) underscored the impact of faltering global demand by slashing a further 350,000 tonnes of aluminum-making capacity worldwide. [ID:nSYD388798] "There isn't necessarily any news that makes you feel more bullish," said Rick Meckler, president of investment firm LibertyView Capital Management in New York. "The only news that will likely push the market the other way is news that indicates on the part of companies that earnings streams are OK. Unfortunately the number of companies that can show that is probably slim." S&P 500 futures SPc1 dropped 17 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 declined 157 points, and Nasdaq 100 NDc1 futures slid 21.25 points. Trading volumes will likely be thin, with other market participants away and the bond market closed for Veterans Day holiday. Faltering Chinese demand is a big blow to sentiment as investors had hoped that China would continue to see a roaring economy to mitigate the impact of faltering growth in the developed world. Starbucks shares were down 10.3 percent at $9.15 before the bell. Alcoa shares fell nearly 5 percent to $11.25 before the bell. The aluminum producer, a Dow component, said it needed to make the cuts across its global smelting system because demand for aluminum was waning. Shares of Citigroup (C.N: Quote, Profile, Research, Stock Buzz) , another Dow component, slid 1.7 percent to $11.02 in pre-market trade after the U.S. bank said it will rework $20 billion worth of mortgages to stem home foreclosures. [ID:nN10491050] American Express Co (AXP.N: Quote, Profile, Research, Stock Buzz) , the fourth-largest U.S. credit card issuer, is also among the stocks to watch after it won approval to become a bank holding company, giving it access to capital from the government. The stock was little changed. In Monday's trading investors fretted about the impact of a faltering economy on the outlooks of a raft of companies from General Motors (GM.N: Quote, Profile, Research, Stock Buzz) to Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), causing the market to end lower. (Editing by Kenneth Barry)

Source