Stock index futures signal early rebound

PARIS (Reuters) - Stock index futures pointed to an early rebound on Wall Street on Wednesday, with futures for the S&P 500 up 0.5 percent, Dow Jones futures up 0.65 percent and Nasdaq 100 futures up 0.96 percent at 1035 GMT.

Cisco Systems Inc will be in the spotlight after it reported first-quarter results that beat estimates but expects flat earnings and slower revenue growth for the current quarter.

European stocks lost ground on Wednesday as investors worried about anti-austerity strikes across southern Europe, which put the euro zone's troubles back in focus, and about lack of progress in Washington on resolving the U.S. "fiscal cliff" budget crisis. <.eu/>

Strikes in Spain and Portugal shut schools and grounded flights across the Iberian peninsula, while international lenders continued to disagree over how long to give Greece to get its debts down to a sustainable level.

Both sides in the U.S. "fiscal cliff" debate stood their ground on Tuesday as they gathered in Washington for the first time since the elections, with a fundamental tax dispute preventing a broader compromise on deficit reduction.

The Federal Reserve cannot do much more to shelter the U.S. economy if the country goes over a year-end fiscal cliff of tax hikes and government spending cuts, a senior U.S. central bank official said on Tuesday.

U.S.-based Intel Corp and Qualcomm Inc are in talks to jointly invest about 30 billion yen ($378 million) in debt-stricken Japanese consumer electronics maker Sharp Corp , two sources familiar with the matter said on Wednesday.

The pre-Christmas shopping season is likely to boost cellphone sales less than usual this year as a weaker global economy forces consumers to cut back, research firm Gartner said on Wednesday.

International Monetary Fund Managing Director Christine Lagarde said on Wednesday she expected a real fix for Greece that included debt sustainability, rather than a quick fix.

Fertilizer producer Mosaic Co cut its forecast for phosphate and potash sales on Tuesday, citing uncertain supply contracts with China and India.

On the macro front, investors awaited U.S. retail sales data for October, due at 1330 GMT. Economists in a Reuters survey expect a 0.2 percent fall compared with a 1.1 percent increase in September. Excluding automobiles, sales are expected to rise 0.2 percent, which compared with a 1.1 percent rise in the prior month.

U.S. stocks sold off late in the session on Tuesday, led by a slide in Microsoft shares, though retailers were a notable bright spot after Home Depot raised its outlook.

The Dow Jones industrial average <.dji> fell 58.90 points, or 0.46 percent, to 12,756.18 at the close. The S&P 500 <.spx> dropped 5.50 points, or 0.40 percent, to 1,374.53. The Nasdaq Composite <.ixic> lost 20.37 points, or 0.70 percent, to 2,883.89.

(Reporting by Blaise Robinson; Editing by Greg Mahlich)

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