* North Korean attack rattles global markets
* GDP data, Fed minutes awaited
* Hewlett-Packard rises premarket after bullish outlook
* Futures off: Dow 105 pts, S&P 12.9 pts, Nasdaq 20.75 pts
* For up-to-the-minute market news see []
(Adds quote, updates prices)
By Ryan Vlastelica
NEW YORK, Nov 23 (Reuters) - U.S. stock index futures were
sharply lower on Tuesday as rising tensions on the Korean
peninsula added to concerns about global economic conditions.
North Korea fired dozens of artillery shells on Tuesday,
killing two soldiers and setting houses ablaze. South Korea
returned fire. For details []
Global stock markets fell while the dollar climbed as the
geopolitical tension along with worries over Ireland's debt
problems drove investors to the relative safety of the U.S.
currency. Crude oil sank more than 1 percent.
"This is a classic de-risking across the world," said James
Dailey, portfolio manager at TEAM Asset Strategy Fund in
Harrisburg, Pennsylvania. "I'm not expecting this to mushroom
into something more substantial, but right now it's a symptom
of the fact that markets have gotten too complacent."
Irish Prime Minister Brian Cowen challenged the opposition
to approve an austerity budget and trigger an EU/IMF bailout
before early elections, but Irish media reported Cowen may face
calls to resign immediately or turn over leadership of his
Fianna Fail party at a meeting later Tuesday. []
European stocks fell nearly 1 percent to a 3-week low, led
by falling banking shares. U.S.-listed shares of Bank of
Ireland <IRE.N> sank 25 percent to $1.67, while HSBC Holding
<HBC.N> fell 1.7 percent to $51.38.
On the macroeconomic front, investors will keep an eye on
the second estimate of third-quarter U.S. gross domestic
product, due at 8:30 a.m. EST (1330 GMT). October home sales
are on tap at 10 a.m. EST (1500 GMT).
Economists expect GDP to come in at 2.4 percent, compared
with 2 percent in the previous reading, while existing home
sales are seen falling 1 percent after rising 10 percent last
month.
S&P 500 futures <SPc1> fell 12.9 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> dropped
105 points, and Nasdaq 100 futures <NDc1> lost 20.75 points.
Minutes of the Federal Reserve's Nov. 3 Open Market
Committee meeting, when it opted for more quantitative easing,
will be released at 2 p.m. EST (1900 GMT).
Dow component Hewlett-Packard Co <HPQ.N> rose 1.8 percent
to $44.03 in premarket trading a day after it raised its 2011
outlook and posted stronger-than-expected quarterly profits.
[]
"HP performed very strong on an operating basis, but lately
the market hasn't really cared about good earnings," TEAM
Asset's Dailey said. "It will be interesting to see when we
start seeing a bigger rotation into high-quality names like
HP."
Campbell Soup Co <CPB.N> and Medtronic Inc <MDT.N> are
scheduled to report results on Tuesday.
Bank shares weighed on Wall Street on Monday as Europe's
debt crisis and fears of an insider trading probe sapped buying
interest for most of the session.
(Editing by Jeffrey Benkoe)
