Wall Street futures fall on Spanish bailout fears

Growing fears that Spain will need to be bailed out are hitting Wall Street futures after sending stocks around the world sharply lower.

Dow Jones industrial futures are down 15 points at 12,623. The broader S&P futures are down 14 points at 1,344. Nasdaq futures are down 31 points at 2,583.

Spain's 10-year borrowing rate rose 0.23 percentage point on Monday to 7.45 percent — its highest level since the euro was established in 1999 and above the level that prompted Greece, Ireland and Portugal to seek international rescues.

The euro is also under pressure, hitting its lowest point against the dollar since June 2010.

A forecast from a Chinese central bank adviser that China's economy could grow at a slower pace in the third quarter deepened concerns about the global slowdown.