Futures lower after Asian data points to slowing growth

NEW YORK (Reuters) - Stock index futures slipped on Monday, putting the S&P on track for its third consecutive decline, after economic data in Asia indicated the global economy continues to slow.

Japan's core machinery orders fell at a record pace of 14.8 percent in May, far worse than the 3.3 percent forecast, while inflation in China eased to a 29-month low of 2.2 percent in June.

The data comes on the heels of Friday's disappointing U.S. jobs report which showed non-farm payrolls grew by only 80,000 in June.

Adding to pressure, Spanish bond yields rose past the 7 percent level viewed as unsustainable ahead of a meeting by euro zone finance ministers later in the day.

Alcoa Inc will kick off earnings season after the closing bell with the aluminum giant expected to post a 5-cent per share profit for the second quarter. Investors will closely monitor corporate earnings for signs the euro zone debt crisis has damaged profits.

S&P 500 futures fell 5.1 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 lost 59 points, and Nasdaq 100 futures declined 7.75 points.

Celgene Corp is one of two companies discussing whether to bid for Human Genome Sciences Inc , which seeks an alternative to a hostile offer by British drugmaker GlaxoSmithKline Plc , a source familiar with the situation said.

Amerigroup Corp jumped 39.9 percent to $90 in light premarket trade after the company agreed to be acquired by WellPoint .

European equities were lower for a fourth straight session as the global economic data hit miners and a top German retailer offered fresh proof of the euro zone crisis impact on corporates ahead of the earnings season.

Asian shares slid after U.S. jobs data and cooling inflation in China exacerbated worries about flagging global economic growth, with investors not particularly hopeful that a European meeting later in the day would bring further progress for the region's banks.

(Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)