US STOCKS-Futures flat, credit downgrade for Ireland

                                

                                
 * Moody's downgrades Ireland by five notches
                                
 * U.S. House passes Obama tax deal
                                
 * Futures down: S&P 0.2 pt, Dow 11 pts, Nasdaq 0.75 pt
                                
 * For up-to-the-minute market news see [STXNEWS/US]
  (Adds quote, updates prices)
                                
 By Angela Moon
                                
 NEW YORK, Dec 17 (Reuters) - U.S. stock index futures were
little changed on Friday as wary investors kept their eyes on
the euro zone debt crisis after Ireland's credit rating was
slashed.
                                
 European Union leaders agreed to create a permanent
financial safety net starting in 2013, and the European Central
Bank will nearly double its capital to cope with bigger credit
risk. For details, see [ID:nLDE6BF2A3]
                                
 European bank stocks were hit hard after Moody's slashed
Ireland's credit rating by five notches. [ID:nLDE6BG0EG]
                                
 U.S.-listed shares of Allied Irish Bank <AIB.N> fell 4.6
percent to $1.24 in premarket trade, while Barclays <BCS.N>
also fell 2.1 percent to $16.25.
                                
 "We are headed for a sluggish open because of European woes
... but since this isn't something we weren't expecting, I
don't see the market selling off much," said Peter Cardillo,
chief market economist at Avalon Partners in New York.
                                
 S&P 500 futures <SPc1> were down 0.2 point and 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 <DJc2> fell 11
points, while Nasdaq 100 futures <NDc1> lost 0.75 point.
                                
 U.S. stocks, bucking a trend of late-day selloffs, ended
higher Thursday as economic bellwether FedEx Corp <FDX.N>
offered a bullish profit outlook that augured well for broad
growth.
                                
 Market volume and volatility could increase later in the
day as traders adjust or exercise derivative positions on four
different types of expiring equity futures and options
contracts, also know as "quadruple witching."
                                
 The U.S. House of Representatives approved a compromise
deal between President Barack Obama and Republicans late
Thursday to extend expiring tax cuts -- a high-stakes gamble to
create jobs at a cost of deepening the U.S. debt. Congress was
racing to enact the legislation as it faced an end-of-year
deadline when the Bush-era tax cuts were set to expire.
[ID:nLDE6BG0EH]
                                
 The Conference Board releases its report on November
leading economic indicators at 10:00 a.m. EST (1500 GMT).
Economists in a Reuters survey forecast a 1.1 percent rise,
compared with a 0.5 percent increase in the prior month.
                                
 Ford Motor Co <F.N> intends to raise its 30 percent stake
in Jiangling Motors Corp <000550.SZ>, a major Chinese light
commercial vehicle maker, a source said. [ID:nTOE6BG03M]
                                
 Blackstone Group LP <BX.N> agreed to restructure about $7
billion of the remaining debt tied to its 2007 purchase of
Equity Office Properties Trust, the largest leveraged buyout
ever, the Wall Street Journal reported. [ID:nN16268333]
                                
 Oracle Corp <ORCL.O> forecast current-quarter profit will
beat estimates as it reported that new software sales surged.
Oracle rose 4.4 percent to $31.60 premarket. [ID:nN16257524]
                                
 (Reporting by Angela Moon; editing by Jeffrey Benkoe)