Welcome to the Reuters Before the Bell

It's not just wintry mix that's depressing Wall Street this morning. Stock futures are pointing down as investors face two opposing but equally fearsome prospects: inflation and a slowing economy. The potential scariness lies in a veritable snowstorm of data that includes the consumer price index, U.S. industrial production numbers and the Reuters/University of Michigan consumer sentiment survey.

If that's not enough reason for volatility, it's Quadruple Witching Day, the quarterly expiration and settlement of four different types of March futures and options contracts. U.S. Treasuries are little changed. The dollar has hit three-month lows against the euro and Swiss franc on concerns about the subprime fallout and implications for the wider economy.

Oil prices are up after OPEC left supply limits unchanged, but traders remain edgy about economic growth, or the lack of it, in the United States. An Indian newspaper reports that the nation's Reliance Industries is close to a deal for a majority stake in a $20 billion joint venture with Dow Chemical.

Subprime mortgage company Accredited Home Lenders has agreed to sell $2.7 billion in loans at a substantial discount to alleviate pressures from margin calls. Shareholders of pharmacy benefits manager Caremark are voting today on a $23.9 billion takeover bid from drugstore chain CVS.

Lisa Von Ahn - Editor