Before the Bell.....

U.S. stock futures are trading lower this morning after a disappointing outlook from Apple stoked concerns about a slowdown in consumer spending in a market that remains unconvinced that yesterday's surprise interest rate cut from the Federal Reserve can stave off a recession.

Elsewhere, Europe's leading exchanges edged higher in opening trade, helped by gains in the insurance sector on merger and acquisition talk surrounding Swiss Re and Prudential. But investors remained cautious as they continue to assess the implications of the U.S. Federal Reserve's interest rate cut.