NEW YORK (AP) - Futures are heading lower as the U.S. earnings season gets underway in earnest, with Citigroup posting net income of nearly $3 billion.
Dow Jones industrial average futures are down 27 points to 12,675. Standard & Poor's 500 futures have given up 3.9 points to 1,347.80 and Nasdaq futures are down 5.5 points to 2,571.50.
Overshadowing the third strong showing from a major U.S. bank for the second quarter is China, where disquieting reports continue to shake confidence in the state of the global economy.
Premier Web Jiabao said over the weekend that China's economy has not yet entered a recovery and "economic difficulties may continue for some time."
Some of the weakness in China comes from the debt crisis in Europe, which has crippled spending on imported goods.
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