US stock futures lower as Spain will miss targets


NEW YORK (AP) -- U.S. stock futures fell Friday after Spain's prime minister said his country will miss its deficit targets this year.

Dow Jones industrial futures are down 32 points to 12,941. The broader S&P 500 futures are down 5 points to 1,370. Nasdaq 100 futures are down 7 points to 2,636.

U.S. futures and European markets were relatively flat before the prime minister's comments. Missing the targets could risk sanctions for Spain from the European Union.

A renewed sense of concern over Greece and confirmation that overnight deposits at the European Central Bank hit a record high of €777 billion ($1.03 billion) on Thursday have done little to boost sentiment in the markets, on a day largely devoid of meaningful economic and corporate news.

The debut of the stock of online review site Yelp Inc. on the Nasdaq will get investors' attention in the U.S. The company's stock priced above expectations at $15 a share Thursday evening.

In Europe, the FTSE 100 index of leading British shares was down 0.3 percent at 5,913, while Germany's DAX was down 0.4 percent at 6,912. The CAC-40 in France was 0.1 percent lower at 3,496.

Most of the world's leading indexes are near levels they were trading at before last summer's massive sell-off. U.S. markets are actually trading near their highest levels since before the collapse of U.S. investment bank Lehman Brothers in September 2008. The tech-heavy Nasdaq index has been doing even better, having breached the 3,000 level Wednesday for the first time since 2001.

Earlier in Asia, Japan's Nikkei 225 index rose 0.7 percent to finish at 9,777.03, its highest close in seven months.

Hong Kong's Hang Seng added 0.8 percent to 21,562.26 and South Korea's Kospi gained 0.2 percent to 2,034.63.

Mainland Chinese shares rose, with the benchmark Shanghai Composite Index adding 1.4 percent to 2,460.69. The Shenzhen Composite Index climbed 2.1 percent to 980.77. Benchmarks in Australia, Singapore and Taiwan also rose.

Oil prices fell modestly after Saudi Arabia denied an Iranian media report of an explosion at a Saudi pipeline. Benchmark oil for April delivery was down 41 cents to $108.43 in electronic trading on the New York Mercantile Exchange.