Reuters) - Stocks were pointing to a slightly lower open on Wednesday, adding to the previous session's sharp losses as concerns over the health of the global economy eclipsed hopes of a rescue package for the stricken auto sector. By 5:06 am EST, S&P 500 futures were down 0.01 percent, Dow Jones futures were down 0.2 percent and Nasdaq 100 futures were down 0.6 percent.
Highlights:
* In the latest sign of a global downturn, data showed Euro zone industrial production fell more than expected in September, cementing the view that the economy contracted in the third quarter and entered a technical recession.
* Oil producers will feel the pinch of falling crude prices, down more than 2 percent on Wednesday to trade below $58 a barrel for the first time in 20 months as expectations of weaker energy demand more than offset news of reductions in supply.
* U.S. House of Representatives Speaker Nancy Pelosi sought legislation on Tuesday to bail out failing automakers, saying she was confident an emergency measure would be approved next week. Pelosi aims to amend the government's $700 billion corporate rescue law that now applies to banks and other financial services firms. No figure was given, but General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and Chrysler LLC are seeking $25 billion in urgent assistance.
* Shares in major U.S. automakers tumbled on Tuesday as investors continued to fear that the industry would not survive the financial crisis, which has hurt consumer confidence and spending.
* Worries over corporate earnings and the prospect of a steep global slowdown continued to hit stock markets worldwide on Wednesday, with Japan's Nikkei average falling 1.3 percent and European stocks paring early gains and turning negative in morning trade.
* There are no major economic indicators for Wednesday, while companies reporting earnings include Applied Materials AMAT.0 and Macy's Inc (M.N: Quote, Profile, Research, Stock Buzz). Wall Street expects weak quarterly sales from Macy's, which is due to report third-quarter results before the market opens. Facing a challenging retail sales environment, Macy's cut its fiscal year profit view in October.
* The Dow Jones industrial average .DJI is down 35 percent so far this year, while the S&P 500 index .SPX is down 39 percent.
(Reporting by Blaise Robinson; Editing by Greg Mahlich)
